Job openings hit a new record high. Since March, the number of openings has exceeded the number of people looking.
Inquiring minds are investigating the latest Job Openings and Labor Turnover (JOLTS) report from the BLS.
Job Openings
On the last business day of July, the job openings level was little changed but reached a new series high of 6.9 million. The job openings rate was 4.4 percent. The number of job openings was little changed for total private and for government. Job openings increased in finance and insurance (+46,000) and nondurable goods manufacturing (+32,000) but decreased in retail trade (-85,000), educational services (-34,000), and federal government (-19,000). The number of job openings was little changed in all four regions.
Hires
The number of hires was little changed at 5.7 million in July. The hires rate was 3.8 percent. The number of hires was little changed for total private and for government. Hires decreased in finance and insurance (-36,000). The number of hires was little changed in all four regions.
Hires vs Separations
Separations: Quits, Layoffs, Discharges
Total separations includes quits, layoffs and discharges, and other separations. Total separations is referred to as turnover. Quits are generally voluntary separations initiated by the employee. Therefore, the quits rate can serve as a measure of workers’ willingness or ability to leave jobs. Layoffs and discharges are involuntary separations initiated by the employer. Other separations includes separations due to retirement, death, disability, and transfers to other locations of the same firm. The number of total separations was little changed at 5.5 million in July.
Separations
The total separations rate was 3.7 percent. The number of total separations was little changed for total private and for government. Total separations increased in educational services (+26,000) but decreased in arts, entertainment, and recreation (-43,000). Total separations was little changed in all four regions.
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