Job Openings, Turnover Remains Ridiculously Low

jolts_may.pngThe job openings rate in the U.S. remains low, at 2.4 percent in May, slightly down from 2.5 percent in April, the Bureau of Labor Statistics reported today. There were 4.7 unemployed people for every job opening.

Turnover, as expressed through the number of people quitting their jobs and the number of people hired, didn’t change at all over the month.

Turnover, or churn, is an important indicator of economic health. In essence, those who have jobs now are likely to keep them, while those out of jobs are likely to remain jobless. The long-term jobless—those out of work for 26 weeks or more—make up 46 percent of the unemployed, the longest since the Bureau of Labor Statistics began tracking the number right after the Great Depression; the number of people out of work for 99 weeks or more has grown sixfold since the beginning of the recession.