U.S. Job Openings and Labor Turnover Summary for March 2024

On Wednesday (5-1-24), the U.S. Bureau of Labor Statistics (BLS) reported the results of its Job Openings and Labor Turnover Summary (JOLTS) for March 2024. According to the JOLTS report, as of the last business day in March the number of job openings was 8.5 million, little changed from the 8.8 million reported in February. The job opening rate was 5.1% down from the 5.3% reported in February.

In March 2024:

• The number of hires was 5.5 million and the hire rate was 3.5%.
• The total number of separations was 5.2 million and the total number of separations declined from 3.3%.
• The number of quits was 3.3 million and the rate was 2.1%.
• The number and rate of layoffs and discharges changed little at 1.5 million, and the rate was 1.0%.
• The number of other separations in declined to 345,000.

The BLS is reporting that in March, the job openings, hires, and total separation rates change little for establishment with 1 to 9 employees and establishments with 5,000 employees or more.

The BLS is reporting the following monthly revisions to the February 2024 JOLTS report, the result of additional information received from businesses and government agencies since the last published estimates and from the recalculation of seasonal factors. The BLS is now reporting that the number of job openings for February was revised up by 57,000 to 8.8 million, the number of hires was revised down by 37,000 to 5.8 million, and the number of total separations was revised down by 20,000 to 5.5 million. Within separations, the number of quits was revised up by 43,000 to 3.5 million and the number of layoffs and discharges was revised down by 43,000 to 1.7 million.