US workers enjoyed a greater number of choices in the labour market as jobs in December opened at the fastest pace in nearly six years, the government said on Tuesday. The job openings rate rose to 3.2 percent in December from 3.1 percent the previous month, the Labour Department said,
It was the second straight monthly rise and took the labour market barometer to its highest rate since February 2001 - when jobs opened at the same pace - signalling a high demand for workers as the economy moves at a healthier-than-expected pace.
The job openings rate was little changed during the first half of 2006 but trended upward in the latter half, the department said in its monthly Job Openings and Labour Turnover report.
Despite little month-to-month change in the hires and separations rates, there continues to be churning in the labour market, with large number of hires and separations every month, the department said.
The hires rate fell to 3.6 percent in December from 3.7 percent the previous month, while separations, a wider measure that covers all terminations of employment, also fell, dropping to 3.3 percent from 3.5 percent in November.
The so-called quits rate, which represents voluntary departures and is a component of total separations, fell to 2 percent in December from 2.1 percent the prior month. For the year 2006, hires averaged 4.9 million per month and separations averaged 4.5 million per month, the report said.
Average monthly hires have increased each year since 2003 when there were 4.1 million hires per month. Average monthly separations increased in 2004 and in 2005 but fell slightly in 2006.
Several industries have high rates of both hires and separations, including construction, retail trade, professional and business services; arts, entertainment and recreation; and accommodations and food services. In the last 12 months, these five industries produced 34.8 million hires and 32.2 million separations and accounted for 59 percent of the total non-farm hires and 59 percent of the total non-farm separations, while comprising only 39 percent of total non-farm employment, the report said.
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