News Item
12.07.2016
Midwest Job Openings & Hiring Activity, October 2016
Today, the Bureau of Labor Statistics (BLS) released October 2016 figures from its Job Openings & Labor Turnover Survey (JOLTS), which tracks job openings, hires, and separations (quits, layoffs and discharges, and other separations including retirement).
The seasonally adjusted ratio of unemployed persons per job opening – an indication of labor market activity and competitiveness – was at 1.2 candidates per job opening in the Midwest in October. The ratio is down slightly from the previous month (1.3 in September) and identical to October of last year. The U.S. ratio was 1.4 in October, which is identical to 1.4 a month ago and down from 1.5 a year ago.
The Midwest reported 1.11 million new hires in October 2016, a 7.3% percent decrease year-over-year. Nationally, hiring activity decreased by 2.2% percent in the same time period.
The quit rate, which reflects the share of employees who left voluntarily (except retirements or transfers), is highly correlated with wage growth. Employees tend to quit and switch jobs at a higher rate during periods of economic growth. The Midwest’s October 2016 quit rate of 2.0 was the same as the previous month and the same as October 2015.
Chaired by Mayor Rahm Emanuel, World Business Chicago is the public-private partnership leading the Plan for Economic Growth and Jobs in order to drive business development, cultivate talent, and put Chicago at the forefront of the global economy.
WBC’s “Economic Briefs” track indicators from month to month to gauge the strength of several aspects of Chicago’s economy, including unemployment, population, venture capital, job openings and new hires, home sales, tourism, etc. This data provides a clear analytic framework for specific Plan strategies and initiatives. For a summary of these and other economic indicators, refer to WBC’s monthly Chicago By The Numbers.
Related News
News Item
03.24.2023
A Chat about Alicia Ponce’s Work
Tell us a bit about the industry you are in and the work you focus on. Architecture is an industry where we get to define a city’s culture and history. …

Blog
NEWS
News Item
03.20.2023
Getting to Know DCASE Commissioner Erin Harkey
Tell us about where you grew up and tell a special high school memory/story. I was born and raised in Los Angeles and went to Santa Monica High School; high…

Blog
NEWS
News Item
02.28.2023
Black History Spotlight - Blake Anthony-Johnson
A Conversation with Blake-Anthony Johnson, CEO and President of Chicago Sinfonietta Blake-Anthony Johnson’s multifaceted career has included work as a performer, collaborator, recording artist, and

Blog
NEWS
News Item
02.28.2023
Black History Spotlight - Leon Walker
Meet Leon Walker Over the past 20 years, Leon I. Walker, Esq., has spearheaded cutting-edge community development projects that have generated thousands of new jobs and brought grocery stores and&hell