: Job openings data may be overstated, Goldman Sachs economist says. Here’s why.

by | May 18, 2023 | Stock Market

Job openings data may be overstated as response rates plummet, a new analysis by a Goldman Sachs economist finds. Goldman economist Ronnie Walker says the response rate for the Job Openings and Labor Turrnover Survey has dropped from roughly 70% a decade ago to just over 30% at the end of last year.

“The decline in the response rate—which has raised questions about the survey’s reliability—unfortunately comes at a time when job openings have become an integral part of assessing labor market tightness and when the focus on monthly prints has never been greater,” says Walker. That it and of itself does not mean the data is inaccurate, but it does increase the volatility. The JOLTS sample, at 21,000 establishments, is on …

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