You know you’re a serious economics nerd when you’re waiting on pins and needles for the latest JOLTS — Job Openings and Labor Turnover Survey — results. Well, I am and I was. As it turned out, there wasn’t much news in the report released on Tuesday. But there has been a lot of news over the past few months, most of it good.
I wrote about JOLTS last month. It’s a survey that tracks, um, job openings and labor turnover — that is, movements into and out of the work force. So it gives a sort of dynamic picture of what’s happening in the job market, supplementing measures like the unemployment rate.
Last month’s report showed a surprisingly large drop in job openings for the month of August. This was, believe it or not, good news.
Many economists had been arguing that the unusually large number of job openings, even given low