Share this page!

Enter URL or ID to Unroll

You can paste full URL like: https://x.com/threadreaderapp/status/1644127596119195649
or just the ID like: 1644127596119195649

How to get URL link on X (Twitter) App

  1. On the Twitter thread, click on or icon on the bottom
  2. Click again on or Share Via icon
  3. Click on Copy Link to Tweet
  4. Paste it above and click "Unroll Thread"!
  5. More info at Twitter Help
Ben Casselman Profile picture
@bencasselman
Mar 8, 2023 • 8 tweets • 4 min read • Read on X
Scrolly
There were 10.8 million job openings at the end of January, down slightly from an upwardly-revised 11.2 million in December.
Layoffs up slightly. Quits down slightly. All consistent with a gradually cooling (but still hot) labor market. #JOLTS
bls.gov/news.release/j…
The exception, of course, is hiring -- way up in January, to 6.1 million from 4.6 million in December. (Remember, these are gross figures, not net like in the monthly jobs report.) Consistent with the big gain we we saw in the jobs report last month.
Job openings *are* trending down. It's just a very slow process, and not a smooth one. Openings are still far above any prepandemic level.
There are still close to twice as many job openings as unemployed workers. Hard to say anything about the trend on this one -- maybe it's easing a bit, but if so only very gradually.
Quits fell by more than 200,000 in January, the biggest one-month decline since May. It had looked for a bit like the decline in quits might have stalled out, but this suggests it's continuing.
The comparison between quits and openings continues to be interesting. Both remain elevated, but openings much more so -- quits are starting to return to something more in line with historical norms.
Layoffs rose in January. They're still low by historical standards, but the pickup is starting to look a bit more real.
@melbournecoal and I wrote about the low level of layoffs last month:
nytimes.com/2023/02/26/bus…
Gross hiring picked up in January, consistent with what we saw in the jobs report. But I wouldn't read too much into the monthly ups and downs -- the bigger picture there still seems to be one of gradual cooling.

• • •

Missing some Tweet in this thread? You can try to force a refresh
　

Keep Current with Ben Casselman

Ben Casselman Profile picture

Stay in touch and get notified when new unrolls are available from this author!

Read all threads

This Thread may be Removed Anytime!

PDF

Twitter may remove this content at anytime! Save it as PDF for later use!

Try unrolling a thread yourself!

how to unroll video
  1. Follow @ThreadReaderApp to mention us!

  2. From a Twitter thread mention us with a keyword "unroll"
@threadreaderapp unroll

Practice here first or read more on our help page!

More from @bencasselman

Ben Casselman Profile picture
Nov 4, 2024
So this was an interesting finding from @NateSilver538, but one I found odd because @BLS_gov publishes CPI for regions (and for some metro areas) but not for states. So I dug into it a bit, and there's less here than meets the eye.
Nate's data is coming from this tracker from the @JECRepublicans. They don't have a state-level inflation estimate either, though. They just use BLS's estimate of regional inflation and apply it to an estimate of household spending when Biden took office.
jec.senate.gov/public/index.c…
You can see this if you hover over their map (or download their data). States in the same region all have the same cumulative rates of inflation. But they differ in the amount of inflation experienced in dollar terms because some states have higher avg household incomes.
Read 14 tweets
Ben Casselman Profile picture
Aug 28, 2024
I hate that @ellawinthrop is leaving us, but I'm so glad I got to work with her on her last piece for @nytimesbusiness. She's the best, most collaborative, most creative visual journalist I've ever worked with. A thread with a few of my favorite Ben-and-Ella collabs:
1. This iconic chart showing the scale of the pandemic job losses:
nytimes.com/interactive/20…
2. This piece digging deep into the American Time Use Survey to look at how the pandemic changed our lives:
nytimes.com/interactive/20…
Read 6 tweets
Ben Casselman Profile picture
Jul 11, 2024
Good news on inflation! U.S. consumer prices FELL 0.1 percent in June, and were up just 3 percent from a year earlier. "Core" prices, stripping out volatile food and fuel, were up 0.1 percent from May and 3.3 percent from last June. Data: …Live coverage: bls.gov/news.release/c…
nytimes.com/live/2024/07/1…
This is the second straight month where there has been effectively no inflation on a month-to-month basis. Prices were flat in May, and down in June.
If you take a longer view here: At 3% year-over-year, inflation is no longer outside historical norms (though it is still higher than immediately prepandemic). And over the past three months, rents have risen at an annual rate of ***just 1.1%.***
Image
Image
Read 7 tweets
Ben Casselman Profile picture
Jul 2, 2024
Job openings ticked up in May (but only because April was revised down). Layoffs edged up. Quits basically flat. All consistent with a gradually slowing, but not collapsing, job market. #JOLTS
Full data: bls.gov/news.release/j…
There were 8.1 million job openings on the last day of May. That's up from 7.9 million in April, revised down from the 8.1m originally reported.
Larger story here is that openings are clearly falling quickly, even if they're still high in absolute terms. #JOLTS Image
There were 1.2 job openings for every unemployed worker in May. That's more or less where things stood immediately before the pandemic (when the labor market was widely viewed as strong but not overheated). Image
Read 7 tweets
Ben Casselman Profile picture
Jan 25, 2024
The U.S. economy slowed in the final three months of the year, but only because the Q3 number was so strong -- the 3.3% growth rate in Q4 was well above expectations and certainly offered no hints of a brewing recession. (Belated charts thread)
Image
This is not a case where the volatile components of G.D.P. made a weak quarter look strong, as sometimes happens. Measures of underlying demand were also very strong.
Image
Image
For all the predictions of a recession, G.D.P. growth actually *accelerated* in 2023, and topped the prepandemic average growth rate as well. Image
Read 4 tweets
Ben Casselman Profile picture
Jan 3, 2024
Job openings, quits and layoffs all edged down slightly in November. Consistent with a gradually cooling labor market, but definitely no sign things are falling off a cliff. #JOLTS
Data: bls.gov/news.release/j…
There were 8.8 million job openings on the last day of November. That's down a touch from October, but only because October was revised up. Big picture: Openings are trending down (and quite quickly, at that), but are still high by historical standards. #JOLTS Image
The number of job openings per unemployed worker actually ticked up in November (because unemployment fell), but ignore the noise. The labor market is becoming more balanced, though the ratio is (again) high relative to the prepandemic period. Image
Read 9 tweets

Did Thread Reader help you today?

Support us! We are indie developers!

This site is made by just two indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member ($3/month or $30/year) and get exclusive features!

Become Premium

Don't want to be a Premium member but still want to support us?

Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal

Or Donate anonymously using crypto!

Ethereum

0xfe58350B80634f60Fa6Dc149a72b4DFbc17D341E copy

Bitcoin

3ATGMxNzCUFzxpMCHL5sWSt4DVtS8UqXpi copy

Thank you for your support!

Follow Us!

Send Email!

:(