by calculated risk October 1, 2024 10:01:00 AM
From BLS: Overview of job openings and turnover rate
The number of job openings on the last business day of August remained almost unchanged at 8 million.The U.S. Bureau of Labor Statistics announced today. Over the past month, employment was little changed at 5.3 million. The total number of separations remained almost unchanged at 5 million. The number of people leaving their jobs (3.1 million) continued to decline, while the number of temporary layoffs and layoffs (1.6 million) remained largely unchanged.
Emphasis added
The following graph shows the number of job openings (black line), hires (dark blue), layoffs, layoffs and other (red column), and terminations (light blue column) from JOLTS.
This series began in December 2000.
Note: The difference between JOLTS hires and separations is similar to the CES (Salary Survey) net employment heading number. This report is for August. Employment statistics to be released this Friday will be for September.
Click on the graph to see a larger image.
Note that monthly employment numbers (dark blue) and turnover rates (red and light blue stacked columns) are usually quite close. This is an indicator of the labor market turnover rate. When the blue line is above the two stacked pillars, the economy is increasing net employment, but when the blue line is below the pillars, the economy is losing jobs.
The spike in layoffs and layoffs for March 2020 is labeled but removed from the graph to better illustrate normal data.
The number of job openings in August increased to 8.04 million from 7.71 million in July.
The number of job openings (for black people) decreased by 14% from the previous year.
Retirements decreased by 14% compared to the previous year. These are voluntary separations. (See the light blue column at the bottom of the chart for trends in “quitters”).
