The U.S. Labor Department recently reported that the number of available jobs posted by U.S. employers expanded in December to its highest level in 14 years. The implication is that job growth will continue to be brisk. Employers also have been filling more available jobs as more people jump back into the labor force, and more people are also quitting their jobs, another indication of an improving U.S. labor market.
People typically quit when they have another job lined up or are simply optimistic that they will be able to secure a better position. For many recent job quitters, that optimism is justified. In December, the number of job openings rose to a seasonally adjusted total of 5 million, the highest level since January 2001.
These data emerge from the government’s Job Openings and Labor Turnover Survey or JOLTS, which supplies a more detailed characterization of the job market than the monthly employment report. According to the JOLTS survey and as reported by various media, there are now just 1.7 unemployed workers for each available job. That’s back to pre-recession levels and down from a peak of 6.7 unemployed workers per job back in July 2009.
