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The hires rate for the total nonfarm sector decreased significantly over the month to 3.1 percent in May 2008, the lowest point since June 2003. The rate in April 2008 was 3.4 percent.
After four months of no significant over-the-month changes in any industry, the hires rate fell between April and May for the total private sector, construction, and trade, transportation, and utilities, as well as total nonfarm.
The hires rate is the number of hires as a percent of total employment. Hires are any additions to the payroll during the month.
These data come from the Job Openings and Labor Turnover Survey. The above data are seasonally adjusted. Data for May 2008 are preliminary and subject to revision. Find additional information in "Job Openings and Labor Turnover: May 2008," (PDF) (HTML) news release USDL 08-0942.
Bureau of Labor Statistics, U.S. Department of Labor, The Economics Daily, Hires rate down in May 2008 at https://www.bls.gov/opub/ted/2008/jul/wk1/art04.htm (visited March 30, 2023).