by Calculated Risk on 11/01/2022 10:29:00 AM
From the BLS: Job Openings and Labor Turnover Summary
Bureau of Labor Statistics reported today. The number of hires edged down to 6.1 million, while total
separations decreased to 5.7 million. Within separations, quits (4.1 million) changed little and layoffs
and discharges (1.3 million) edged down.
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 September the employment report this Friday will be for October.
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 September to 10.717 million from 10.280 million in August.
Quits were down 5% year-over-year. These are voluntary separations. (See light blue columns at bottom of graph for trend for “quits”).