Job openings data is missing a recent upturn in layoffs
Goldman Sachs looked at layoff notices filed under the Worker Adjustment and Retraining Notification Act, which require companies to notify state governments, and affected individuals, of plans to lay off 500 or more employees 60 days in advance. The WARN Act also applies to companies making at least 50 job cuts when an employment site is shut down, or the number of layoffs account for at least one-third of total workforce.
WARN Notices from seven big states — California, New York, Texas, Florida, Pennsylvania, Virginia and Ohio — tend to track the national picture very closely, which is useful because some of the smaller states are slow to report the data. And the big-state WARN Act data is more timely than the Labor Department’s Job Openings and Labor Turnover Survey, or JOLTS.
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