The rate at which workers quit their jobs—seen by many economists as a sign of confidence in the labor market—fell slightly to a seasonally adjusted 2.1% in August from 2.2% in July, according to the Labor Department’s Job Openings and Labor Turnover Survey, known as Jolts, released Wednesday.
The quits rate, or the share of employed people who voluntarily leave their jobs in a month, has held nearly steady for two years after slowly climbing after the recession ended in mid-2009. The sideways move in the quits rate comes at a time when the unemployment rate has fallen to a 16-year low and the number of available jobs has touched the highest level on records back to 2000.
Companies have grown more reluctant to borrow after an initial surge of optimism following the election, said Jeff Glenzer, vice president at the Association for Financial Professionals, a group for corporate finance and treasury professionals. “All the turmoil and the inability to move policy through Washington set in,” he said.
But analysts say the prolonged slowdown in commercial-loan growth may simply be a function of the metric returning to its normal level in recent decades. Growth in the category ran far above gross domestic product growth in the years following the financial crisis, a streak that is difficult to maintain for any prolonged period.
The job market in Southern California could look very different by 2021 and beyond. Here’s where the jobs will and won’t be.
The Center for a Competitive Workforce has produced a report analyzing 20 middle-skills occupations for which community colleges offer degree and certificate programs. The occupations are employed by six key industries with a competitive advantage in the greater Los Angeles region. Read highlights of the report below, or download the full report PDF.
The country shed 33,000 jobs in September, the first loss in seven years, the Labor Department said Friday, ending the longest stretch of job growth on record.
But that decline was skewed down by Hurricane Harvey, which hit Texas in late August, and Irma, which hit Florida in early September. The storms came just before businesses filled out monthly surveys of payrolls, which are submitted to the government and used to tabulate hiring. Many businesses reported reduced payrolls during the survey week of Sept. 12. Employment in the restaurant industry, in particular, took a big hit, falling 105,000 in September from the month before, after averaging growth of 29,000 during the prior six months.