Just when you thought you had enough of statistics, let me introduce you to JOLTS. No, this is not something about the NFL Colts. JOLTS are a series of data produced by the U.S. Bureau of Labor Statistics from the Job Openings and Labor Turnover Survey.
As of the last working day in May this year, the private sector in the United States had 3.2 million job openings. I’m ignoring the public sector because the hirings and firings of government workers, particularly at the state and local levels, are being driven by politics rather than economics in these contentious days.
Those 3.2 million private job openings are 400,000 more than a year earlier and the second highest level (seasonally adjusted) since July 2008. We now stand 1.3 million above the recession low in July 2009. (These figures are not available for Indiana or any single state).
With so many jobs available, how come we still have such high unemployment? The answers are many: the jobs may require skills that the unemployed don’t have; the jobs may be located in places the unemployed do not live; the jobs may not pay enough to attract workers; the jobs may be without benefits; the jobs may be short-term or undesirable career moves.
During the month of May 2012, private firms in the U.S. hired or reemployed 4.1 million workers or 500,000 more than in May 2011. This is the second largest number of workers hired in 43 months.
Thus we see a sizeable number of jobs available and a significant number of workers being hired at a time that the naturally nervous, the politically pessimistic and the defiantly depressed insist the economy is failing once again.
One of the best figures is the number of workers quitting their jobs. If times were bad folks would hold on to whatever they have. Quits are worker-initiated separations and represent the willingness and/or capacity of workers to leave jobs.
For each of the past three months, about 2 million workers quit their jobs. That number now exceeds the number laid off or dismissed. This past May, 1.7 million workers were laid off or discharged, about the same number as a year ago and 800,000 below the recession peak in January 2009.
There is little we can tell about the economy from the classification, “Other separations,” which includes retirement, death, and disability.
This number appears to be at a peak not seen since late 2007, but I would not wish to speculate on the reason for that peak. Retirements may be forced or induced and as such are not necessarily voluntary.
Death and disability are not normally voluntary forms of separation from a job.
Together these data paint a picture of a slowly improving job market.
Of course slow improvement will never satisfy those who spent their youths asking “Are we there yet?” Nor will those who choose to rewrite history accept reality.
Morton Marcus is an independent economist, writer and speaker formerly with the IU Kelley School of Business.
Business
EYE ON THE PIE: With so many jobs available, why the high unemployment?
- Business
-
-
‘500’ gas stations being sold to Speedway LLC
After several decades in business, the area’s familiar “500” gasoline stations and convenience stores will soon be missing from the roadsides of Vigo and Sullivan counties.
-
Business Cents: Customers and companies: Sugar goes further than vinegar
Working with companies for more than decade I am still shocked to learn how not only companies react to customers but also how rude customers can be to companies.
-
SOCIAL SECURITY: Can’t work because of disability? Let us help
Disability is something most people don’t like to think about. But if you’re not able to work because you have a disabling condition that is expected to last at least one year or result in death, then it’s a subject you may not be able to avoid.
-
Naysayers should treat good news as good news
I like to complain as much as anybody else. In truth, I may do more than my share of finding fault and wagging a finger in warning. Nonetheless, I’m tired of commentators (including many economists) who find nothing good and only the darkest clouds for the past few months.
-
All mothers appreciate extra help
Think of all the times and ways that your mom has helped you over the years — when you were a child, and after you became an adult. With Mother’s Day upon us, now is a good time to pay mom back with a little Extra Help — with her Medicare prescription drug costs.
-
Upcoming meetings
The Terre Haute Chamber of Commerce is hosting a health care reform seminar for businesses from 2 to 3:30 p.m. on Tuesday at Old National Insurance at 925 Wabash Ave., suite 200.
-
Indiana ranked best place to do business in Midwest
Indiana was ranked as the best place to do business in the Midwest and the fifth best nationwide in a survey of more than 500 chief executives by Chief Executive magazine.
-
First Farmers rated among top 100 community banks
First Farmers Bank & Trust of Converse was named one of the 100 top-performing community banks for 2012 by SNL Financial.
-
Newsmakers: May 12, 2013
Employer Support of the Guard and Reserve has recognized John Thompson, president of Thompson Thrift Construction, and Paul Thrift, president of Thompson Thrift Development, as “Patriotic Employers.”
-
On the Move: May 12, 2013
Stacey Joseph, a realtor in Terre Haute, has earned the Certified Residential Specialist designation by the Council of Residential Specialists, the largest not-for-profit affiliate of the National Association of Realtors.
-
Chamber lauds four with Business Recognition Awards
Congratulations to our Business Recognition Awards winners! Our Awards Luncheon at the Meadows Banquet and Conference Center was a great event to wrap up Business Recognition Week, sponsored by Union Hospital. At the Luncheon we recognized four local businesses as the 2012 Business Recognition Award winners:
-
ISU students provide detailed grocery analysis
As the National Cooperative Grocers Association makes business decisions in the coming years, the organization likely will take into account an analysis of some of its competitors – about 4,000 of them.
-
Construction firm holding grand opening in Marshall on Friday
Construction, H&H LLC is holding a grand opening and Marshall Chamber of Commerce ribbon cutting ceremony on Friday at 812 N. Second St. in Marshall, Ill.
-
AP Source: Subaru to expand Indiana plant
Subaru plans to expand its Indiana factory and add workers to build the Impreza small car in 2016, a person briefed on the matter says.
-
Transit proposals can prove to be game changers
After baseball, my favorite TV watching is the government channel. Here I can see the local government in action or local government inaction.
-
On the Move: May 5, 2013
Melissa Schollaert, RDH, HHP, has been added as a counselor of holistic health and nutrition at The Maple Center for Integrative Health.
-
ISU set to offer financial planning program in 2014
When Indiana State University junior Jennifer Groth began scheduling classes last semester, she planned them out by thinking of an academic program the university does not yet offer. Groth will be one of the inaugural students in the financial planning program that ISU will begin to offer in spring 2014.
-
Newsmaker: May 5, 2013
Gov. Mike Pence announced the appointment of Jessica Robertson to commissioner of the Indiana Department of Administration, a role she will begin on Wednesday.
-
U.S. Postal Service opens village office in Worthington
The U.S. Postal Service officially opened the 40th Village Post Office in the Greater Indiana District on Monday in Worthington.
-
How consistent is your business?
There are six areas in which consistency is critical in the majority of companies. Too often, business owners feel as they are “chasing down” rather than “leading it along.” If you can get a high level of consistency with your standards and practices, then your company will benefit.
-
Good time to try Spanish online service
Cinco de Mayo is May 5 — a time to celebrate Mexican heritage and pride. Why not join the celebration by visiting Social Security’s Spanish website, where you’ll find a number of useful services and a wealth of information in Spanish.
-
First Financial’s net income up 3 percent
First Financial Corp. has announced results for its quarter that ended March 31. The Corp.’s net income increased 3.4 percent to $7.7 million, compared to $7.4 million for the same period of 2012.
-
Curtain goes up on new theater owner
The Indiana Theatre in downtown Terre Haute is under new ownership with a new purpose.
-
Indiana Theatre SOLD!
The Indiana Theatre at 683 Ohio St. is sold.
Rob Lundstrom, who owns the Copper Bar and Louise’s, took possession of the historic downtown theatre on April 25. -
Higher education completion rates questioned
Spring is really here. Baseball is being played, the Cubs are already tragic and Faye of the Forest reappeared on the back deck. She was parked on the railing as I sat down to write this column.
-
Vectren Corp. awards $2.3 million in grants
Vectren Corp. has announced that it awarded more than $2.3 million in 2012 through the Vectren Foundation and corporate contributions.
-
Hard work, good attitude produces success
Like clockwork, Indiana State University graduate Joe Evelo regularly provides monthly updates to the first client he signed up when he started his financial investment career more than 35 years ago.
-
On the move: April 28, 2013
Old National Bank has promoted Howard Mills to vice president, mortgage loan originator.
-
Newsmakers: April 28, 2013
Lenise Kohlway of Spencer was presented with the WorkOne Achievement Award last week for overcoming several employment barriers and pursuing a better life for herself.
-
Ivy Tech offers free business counseling
The Ivy Tech Business and Entrepreneurial Services Center and the Terre Haute chapter of SCORE are offering free, confidential business counseling and low-cost high-impact training workshops to aspiring entrepreneurs and existing small business owners.
- More Business Headlines
-
Raw: Aftermath of Deadly Attack in London
Okla. Teens Get Video of Deadly Tornado Overhead
Man Shot While Questioned in Boston Probe
Raw: Kevin Durant Tours Moore After $1M Pledge
9-year-old Tornado Victim Loved Family, Singing
School Storm Protection Spotty in Tornado Zones
Weiner Launches Bid to Become NYC Mayor
Britain Attack Believed Linked to Radical Islam
Okla. City Mayor: Up to 13K Homes Hit by Tornado
Raw: New Video of Deadly Oklahoma Tornado
Oklahoma Survivors, Heroes Survey Damage
Raw: Costa Rica Volcano Roars to Life
Moore Native Toby Keith Tours Tornado Damage
Today in History May 22
Raw: Scuffles in London After Hacking Death
Florida FBI Shooting Has Boston Bombing Links
IRS Official Pleads 5th Amendment
Raw: Japan's WWII Atrocities Under Fire in Seoul
Raw: Students Clash With Police in Chile
Paperless Scanner, Vision of the Future
AK-47-wielding thug may be the most bumbling crook ever
Trout's cycle a boost for Angels
Kim Kardashian Flaunts Pregnant Bikini Body in Greece
NBA star pledges $1M to help tornado recovery
Shakira's Shocking Talent
Morgan Freeman falls asleep on air
GRAPHIC: Blood-Soaked Machete Killer Caught on Tape
Elin Nordegren Furious With Lindsey Vonn For Parading Kids in Public
Camera Captures Climber As He Loses Grip And Falls
Helen Mirren Meets with Dying Boy in Queen Elizabeth's Place
Crowd Chants '¡Si, Se Puede!' After Passage of Immigration Bill
DWTS Crowns a Winner
Police Ram House to End Hostage Standoff
Demi Moore a Rocks Bikini at Harry Morton's Family House
Anthony Weiner: I'm running for New York City mayor
Kate Middleton's Dress Flies Up
VIRAL: Baby makes epic soccer goal
The Hangover Baby All Grown Up
