The Job Openings and Labor Turnover Survey (JOLTS), produced monthly by the U.S. Bureau of Labor Statistics (BLS), offers a comprehensive look at the health of the labor market. This report provides valuable insights into job vacancies, hiring trends, and employee turnover. Specifically, it details the number of job openings, the volume of new hires, and the rates of separations, which include voluntary quits, layoffs, discharges, and other forms of employee departure such as retirements.
By analyzing these metrics, the JOLTS report helps policymakers, economists, and business leaders gauge labor market demand and supply, assess the stability of employment, and identify trends in workforce mobility. For instance, a high number of job openings could indicate strong demand for labor, while a high quit rate might suggest that workers feel confident enough in the job market to leave their current positions for new opportunities. Overall, the JOLTS report is a crucial tool for understanding the dynamics of the employment landscape.
Job Openings and Labor Turnover – November
In November:
Job Openings: There were 8.1 million job openings, almost the same as before, but 833,000 fewer than last year. Jobs increased in some sectors like professional and business services, finance, and education but decreased in information.
Hires: 5.3 million people were hired, about the same as before, but 300,000 fewer than last year. The hiring rate stayed at 3.3%.
Separations: These include people leaving their jobs (quits), being laid off or fired, and other reasons like retirement or transfer. The total number of people who left jobs stayed at 5.1 million but was 287,000 fewer than last year. The rate was steady at 3.2%.
Quits: 3.1 million people quit their jobs, 218,000 fewer than before and 451,000 fewer than last year. The quit rate dropped to 1.9%. Quits were fewer in accommodation and food services, and arts and recreation.
Layoffs and Discharges: 1.8 million people were laid off or fired, which stayed the same as before but was 219,000 more than last year. The rate was steady at 1.1%. Layoffs increased in accommodation and food services.
Other Separations: There were 296,000 other separations, which didn’t change much.
For small businesses with 1-9 employees, layoffs decreased, but other rates didn’t change much. For large businesses with 5,000 or more employees, most rates stayed the same.
Impacts of JOLTs Report on the Stock Market
Job openings are high, and separations are low, it may indicate a strong labor market, boosting investor confidence and potentially leading to stock market gains. A stable or improving labor market can lead to positive economic outlooks.
The job report highlights a resilient labor market.
