September JOLTs Report Shows Hurricane Disruption, Positive Underlying Trends
Nov 7, 2017
The September JOLTs report showed generally positive trends despite the hurricane-effect on hiring. Job openings actually rose during the month, albeit fractionally. Openings remain at the highest level on record save the June and July reports. Job quits rose 89k to their fourth highest level of this cycle while layoffs fell 78k. In combination, rising quits and fewer layoffs are positive indicators for the labor market. The one disappointing data point was the 147k drop in hiring. However, hiring was likely disrupted in September due to the hurricanes as evidenced in the weak nonfarm payroll data (which has subsequently rebounded).