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 – October
- Job Openings: Little change at 7.7 million on the last business day of October; down by 941,000 over the year. Job openings rate remained at 4.6%. Increases noted in professional and business services, accommodation and food services, and information sectors. Decrease in federal government openings.
- Hires: Remained steady at 5.3 million; down by 501,000 over the year. Hires rate unchanged at 3.3%. Private educational services saw a decrease in hires.
- Separations: Total separations were steady at 5.3 million; down by 369,000 over the year. The Separation rate stayed at 3.3%. Quits increased to 3.3 million (+228,000) but were down by 308,000 over the year. Quits rate rose to 2.1%. Layoffs and discharges were steady at 1.6 million and 1.0%, respectively. Increases in retail trade; decreases in durable goods manufacturing and private educational services. Other separations remained at 301,000.
Small establishments (1 to 9 employees) saw a decrease in hires rate, while job openings, quits, layoffs and discharges, and total separations rates showed little change. Large establishments (5,000 or more employees) had minimal changes in all rates.
September 2024 Revisions:
- Job openings revised down by 71,000 to 7.4 million.
- Hires revised up by 24,000 to 5.6 million.
- Total separations remained unchanged at 5.2 million.
- Quits revised up by 27,000 to 3.1 million.
- Layoffs and discharges revised down by 31,000 to 1.8 million.
This report provides a snapshot of job openings, hires, and separations in October 2024, showing minimal changes overall with specific sector variations.
