Crain's New York Business

Now we know: employees are still on the move between jobs

Crain's New York Business sent this email to their subscribers on February 27, 2023.

CRAING NEW YORK BUSINESS EXIRA by Aaron Elstein
Sunday, February 26, 2023

Hello. I’m senior reporter Cara Eisenpress, filling in for Aaron Elstein while he is out on vacation. I just returned from vacation myself, where I had the privilege of watching a Crain’s reader pull out his printed magazine to enjoy on the beach. He may not be the only one with reading material. At a hotel restaurant opening near Herald Square, news is actually the theme: it’s called The Press Club. Meanwhile, Long Island Rail Road commuters say the opening of Grand Central Madison is making their commutes longer, not shorter, and they didn’t ask for any extra time to read. See more details on those in “The Week Ahead,” below.

Now we know: employees are still on the move between jobs

office workers in New York  L -

Bloomberg

For the first time, New York has statewide data on the number of job openings, thanks to newly released estimates of the Job Openings and Labor Turnover Survey.

The report, released monthly by the Bureau of Labor Statistics, gives employers and economists more perspective on dynamics in the labor market. More turnover means the labor market is strong, since employers are posting jobs and employees are confidently quitting, presumably to fill some of those openings.

The report that came out this week looks backward to December. Back then, technology-industry layoffs were already underway, but downsizings in the city’s broader economy had not yet begun.

The release shows that New York had 458,000 job openings in December 2022. That month, employers hired 297,000 people. At the same time, 255,000 workers left their jobs, with 172,000 quitting and 70,000 experiencing layoffs.

In fact, New York was in the lead for the number of workers quitting. December’s quits were a 17% increase from November 2022, according to the release. The numbers provide a more optimistic take on the labor market than the drumbeat of layoffs in the news. Quits have been higher than usual since June of 2021, according to a chart in the release.

The ratio of unemployed people for every job opening was 0.9, on the higher side for the states. Twenty states had ratios that were lower than the national ratio of 0.5, while 19 states were higher. (The rest were about average.) New York’s unemployment rate has been close to double that of the nation’s ever since the March 2020 closures.

What the JOLTS numbers can’t do is look forward, and the current more cautious moment may be better captured by the number of job postings on job search site Indeed. There, total postings have been trending down since the start of 2022, and while new postings rose in the second week of February, they are still down month over month.

On March 8, there will be even more data to go on. The BLS will start to publish even more information about state job turnover, adding historical annual average job opening levels and rates going back to 2001.

Crain's Extra The Week Ahead THE WEEK AHEAD

Feb. 27

The full schedule of trains running from Long Island to the new Grand Central Madison begins. Existing schedules have also been revised to accommodate the new routes. While some commuters will have smoother trips, others have found their typical train times have disappeared from the schedule.

March 1

Airport security-line expeditor Clear reports 2022 full-year earnings. One of a big handful of local 2021 IPOs, Clear’s stock has not dropped quite as far as others who went public at the same time. The company, which serves members who provide personal and biometric data, saw a bump from vaccine passports and has now refocused on adding sports venues and airports at a steady pace as consumers have returned to travel and entertainment.

March 6

The Press Club Grill, a new restaurant at the Martinique Hotel near Herald Square, opens, intent on reviving the 1950s with dishes like chicken kyiv and pineapple upside cake, and classic cocktails like martinis, old fashioneds and Singapore slings. The restaurant, at 1262 Broadway, is named for the one-time office of The New York Herald-Tribune and the present newsroom of The New Times.

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Picture yourself working for a global media ieader in your own backyard Explore Open Positions CRAIN CRAING NEW YORK BUSINESS EXIRA by Aaron Elstein SUNDAY, FEBRUARY 26, 2023 Hello. I’m senior reporter Cara Eisenpress, filling in for Aaron Elstein while he is out on vacation. I just returned from vacation myself, where I had the privilege of watching a Crain’s reader pull out his printed magazine to enjoy on the beach. He may not be the only one with reading material. At a hotel restaurant opening near Herald Square, news is actually the theme: it’s called The Press Club. Meanwhile, Long Island Rail Road commuters say the opening of Grand Central Madison is making their commutes longer, not shorter, and they didn’t ask for any extra time to read. See more details on those in “The Week Ahead,” below. NOW WE KNOW: EMPLOYEES ARE STILL ON THE MOVE BETWEEN JOBS office workers in New York L - Bloomberg For the first time, New York has statewide data on the number of job openings, thanks to newly released estimates of the Job Openings and Labor Turnover Survey. The report, released monthly by the Bureau of Labor Statistics, gives employers and economists more perspective on dynamics in the labor market. More turnover means the labor market is strong, since employers are posting jobs and employees are confidently quitting, presumably to fill some of those openings. The report that came out this week looks backward to December. Back then, technology-industry layoffs were already underway, but downsizings in the city’s broader economy had not yet begun. The release shows that New York had 458,000 job openings in December 2022. That month, employers hired 297,000 people. At the same time, 255,000 workers left their jobs, with 172,000 quitting and 70,000 experiencing layoffs. In fact, New York was in the lead for the number of workers quitting. December’s quits were a 17% increase from November 2022, according to the release. The numbers provide a more optimistic take on the labor market than the drumbeat of layoffs in the news. Quits have been higher than usual since June of 2021, according to a chart in the release. The ratio of unemployed people for every job opening was 0.9, on the higher side for the states. Twenty states had ratios that were lower than the national ratio of 0.5, while 19 states were higher. (The rest were about average.) New York’s unemployment rate has been close to double that of the nation’s ever since the March 2020 closures. What the JOLTS numbers can’t do is look forward, and the current more cautious moment may be better captured by the number of job postings on job search site Indeed. There, total postings have been trending down since the start of 2022, and while new postings rose in the second week of February, they are still down month over month. On March 8, there will be even more data to go on. The BLS will start to publish even more information about state job turnover, adding historical annual average job opening levels and rates going back to 2001. Crain's Extra The Week Ahead THE WEEK AHEAD Feb. 27 The full schedule of trains running from Long Island to the new Grand Central Madison begins. Existing schedules have also been revised to accommodate the new routes. While some commuters will have smoother trips, others have found their typical train times have disappeared from the schedule. March 1 Airport security-line expeditor Clear reports 2022 full-year earnings. One of a big handful of local 2021 IPOs, Clear’s stock has not dropped quite as far as others who went public at the same time. The company, which serves members who provide personal and biometric data, saw a bump from vaccine passports and has now refocused on adding sports venues and airports at a steady pace as consumers have returned to travel and entertainment. March 6 The Press Club Grill, a new restaurant at the Martinique Hotel near Herald Square, opens, intent on reviving the 1950s with dishes like chicken kyiv and pineapple upside cake, and classic cocktails like martinis, old fashioneds and Singapore slings. The restaurant, at 1262 Broadway, is named for the one-time office of The New York Herald-Tribune and the present newsroom of The New Times. SUBSCRIBE TODAY Discover why Crain’s New York Business is the top source of news, analysis, and information in New York. CRAING NEW YORK BUSINESS 3, 7. This email was sent to [email protected] Manage My Account | Contact Us © 2023 Crain Communications Inc. 685 Third Avenue, New York, NY 10017 USA | | CRAIN COMMUNICATIONS
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