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139 Monthly Lab. Rev. 1 (2016)

handle is hein.journals/month139 and id is 1 raw text is: Monthly Labor Review JANUARY 2016 Which industries need workers? Exploring differences in labor market activity Using data from the Job Openings and Labor Turnover Survey, this article takes a unique, simultaneous look at job openings, hires, and separations for individual industries and then categorizes industries as having high or low job openings and high or low hires. Studying the data items in relation to each other helps point out the differences among industries: some have high turnover, some have low turnover, some easilyfind the workers they need and hence have few job openings at the end of the month, and some need more workers than they canfind The author also includes fill rates and churn rates by industry and looks briefly at earnings by industry. The analysis of labor turnover patterns by industry may prove useful to jobseekers and career changers as well as employers. Where should new graduates look for jobs? What about career changers? In what direction should career counselors and job placement programs direct clients? Which statistics can government officials use to help determine how to stimulate job growth? How do employers know if their turnover and worker demands are typical? Industries differ in employee turnover patterns, demand for workers, and ability to hire the workers they need. Understanding the labor turnover characteristics of the different industries may help jobseekers, those assisting them, employers, and government officials better focus their efforts. Each data element in the Job Openings and Labor Turnover Survey (JOLTS)-job openings, hires, and separations-provides information about the labor market. However, when all three data elements are studied together, an even more informative picture emerges. The job openings data tell us about the unmet demand for workers; the hires and separations data provide information about the flow of labor. Industries with high turnover and low job openings, such as construction, are easily able to hire the workers they need. But industries with high turnover and high job openings, such as professional and business services, still have open jobs at the end of the month despite their hiring efforts during the month. Those industries with consistently moderate turnover and high unmet demand for labor, such as health care, may be a good option for career changers and students selecting a major, and officials who develop training programs and guide people into them can benefit from knowing which industries these are. Hence, analyzing the demand for and flow of workers by industry could prove helpful both to people looking for work and to those trying to help or hire them. Page 1

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