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JOLTS report shows far fewer jobs added in June

Dion Rabouin, author of Markets
Data: FRED; Chart: Danielle Alberti/Axios

The June reading of the Labor Department's Job Openings and Labor Turnover Survey showed substantially less jobs were added in June than the department's nonfarm payrolls report.

By the numbers: The JOLTS report showed 6.70 million hires, down by 503,000 from the month before, and there were 4.76 million separations, up 522,000 from May.

  • In total, there were 1.94 million more hires than separations in June, less than half of the 4.79 million increase shown in June's payrolls report.

Why it matters: JOLTS is a more comprehensive analysis of the labor market than the more popular and timely monthly jobs report.

  • JOLTS counts jobs for the entire month, rather than just the period near the 12th day of the month, meaning it picks up new hiring and separations in the second half of the month.

Between the lines: The June Quit Rate was 1.9%, up three-tenths from the month before, but still below the 2.3% rate that was the recent norm.

  • That difference between the number of quits in February and June was 838,000, illustrating a declining confidence among the labor force.
  • The report also found 5.89 million job openings in June, up for the second month in a row from 5.37 million in May.

Go deeper

Dion Rabouin, author of Markets
Nov 8, 2020 - Economy & Business

Over 1 million Americans filed for unemployment for 33rd straight week

Data: U.S. Department of Labor; Chart: Andrew Witherspoon/Axios

The number of Americans receiving unemployment benefits continues to fall, but data from the Labor Department showed more than 1 million people filed for first-time jobless benefits for the 33rd week in a row.

By the numbers: More than 738,000 people applied for first-time traditional unemployment benefits last week, and nearly 363,000 applied for benefits through the Pandemic Unemployment Assistance (PUA) program.

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Axios
21 mins ago - Politics & Policy

Biden picks Warren allies to lead SEC, CFPB

Photo: Justin Sullivan/Getty Images

President-elect Joe Biden has selected FTC commissioner Rohit Chopra to be the next director of the Consumer Financial Protection Bureau (CFPB) and Obama-era Wall Street regulator Gary Gensler to lead the Securities and Exchange Commission (SEC).

Why it matters: Both picks are progressive allies of Sen. Elizabeth Warren (D-Mass.) and viewed as likely to take aggressive steps to regulate big business.

Go deeper (1 min. read)Arrow
Ashley Gold, Sara Fischer, Kyle Daly
48 mins ago - Technology

The perils of organizing underground

Illustration: Aïda Amer/Axios

Researchers see one bright spot as far-right extremists turn to private and encrypted online platforms: Friction.

Between the lines: For fringe organizers, those platforms may provide more security than open social networks, but they make it harder to recruit new members.

Go deeper (2 min. read)Arrow