Midwest Job Openings and Hiring Activity – July 2016

Today, the Bureau of Labor Statistics (BLS) released July 2016 figures from its Job Openings & Labor Turnover Survey (JOLTS), which tracks job openings, hires, and separations (quits, layoffs and discharges, and other separations including retirement).
Today, the Bureau of Labor Statistics (BLS) released July 2016 figures from its Job Openings & Labor Turnover Survey (JOLTS), which tracks job openings, hires, and separations (quits, layoffs and discharges, and other separations including retirement).

The seasonally adjusted ratio of unemployed persons per job opening – an indication of labor market activity and competitiveness – was at 1.2 candidates per job opening in the Midwest in July. The ratio is down slightly from the previous month (1.3) and July 2015 (also 1.3). The U.S. ratio was 1.3 in July, which is down slightly from 1.4 a month ago and 1.4 a year ago.

The Midwest reported 1.17 million new hires in July 2016, a 7.8% percent increase year-over-year. Nationally, hiring activity increased by 2.8% percent in the same time period.

The quit rate, which reflects the share of employees who left voluntarily (except retirements or transfers), is highly correlated with wage growth. Employees tend to quit and switch jobs at a higher rate during periods of economic growth. The Midwest’s quit rate was the same as the previous month at 2.0, but an increase from 1.9 a year ago, and the highest July rate since 2006.

Chaired by Mayor Rahm Emanuel, World Business Chicago is the public-private partnership leading the Plan for Economic Growth and Jobs in order to drive business development, cultivate talent, and put Chicago at the forefront of the global economy.

WBC’s “Economic Briefs” track indicators from month to month to gauge the strength of several aspects of Chicago’s economy, including unemployment, population, venture capital, job openings and new hires, home sales, tourism, etc. This data provid