by Calculated Risk on 2/01/2023 04:00:00 PM
From the BLS: Job Openings and Labor Turnover Summary
Bureau of Labor Statistics reported today. Over the month, the number of hires and total separations
changed little at 6.2 million and 5.9 million, respectively. Within separations, quits (4.1 million) and
layoffs and discharges (1.5 million) changed little.
The following graph shows job openings (black line), hires (dark blue), Layoff, Discharges and other (red column), and Quits (light blue column) from the JOLTS.
This series started in December 2000.
Note: The difference between JOLTS hires and separations is similar to the CES (payroll survey) net jobs headline numbers. This report is for December the employment report this Friday will be for January.
Click on graph for larger image.
Note that hires (dark blue) and total separations (red and light blue columns stacked) are usually pretty close each month. This is a measure of labor market turnover. When the blue line is above the two stacked columns, the economy is adding net jobs – when it is below the columns, the economy is losing jobs.
The spike in layoffs and discharges in March 2020 is labeled, but off the chart to better show the usual data.
Jobs openings increased in December to 11.012 million from 10.440 million in November.
Quits were down 7% year-over-year. These are voluntary separations. (See light blue columns at bottom of graph for trend for “quits”).