What is it?
The number of hires and the hiring rate come from the Job Openings and Labor Turnover Survey (JOLTS) collected by the Bureau of Labor Statistics each month. The number of hires (HIRL) is seasonally adjusted, expressed in thousands, and represents the total number of hires that occurred during the month. The hiring rate (HIRR) is a percentage calculated using the following formula:
HIRR = (# of hires / # of employees) *100
In SONAR, the hiring data is tracked at the following granularities:
CONS - construction
TPWH - transportation and warehousing
NFRM - total nonfarm
MFTG - manufacturing
Who is interested?
Economists, employers, analysts
What does it tell me?
The number of hires and the hiring rate is a measure of the strength of the labor market. Strong hiring is a sign of a healthy economy as it means that businesses are actively looking for and finding workers. The industry detail allows for some comparisons between the transportation and logistics sector and some of the other, competing industries like construction and manufacturing.