Job Openings and Labor Turnover Summary for January

On Wednesday (3-8-23), the US Bureau of Labor Statistics (BLS) reported the Job Openings and Labor Turnover Summary (JOLTS) for January. According to the JOLTS report, as of the last business day in January the number and rate of job openings declined to 10.8 million (a loss of 410,000) and 6.5%, respectively.

In January, the number of hires was at 6.4 million, up from 6.2 million in December. The hire rate inched higher to 4.1% from December’s 4.0%. The BLS says hires changed little in all industries.

The number of total separations was unchanged at 5.9 million, and the rate of total separations held steady at 3.8%.

The number of quits declined to 3.9 million (a loss of 207,000), down from 4.1 million in December. The rate of total quits declined to 2.5% from 2.7% in December. The BLS notes that quits decreased in professional and business services, educational services, and federal government.

The number and rate of layoffs and discharges increased to 1.7 million (an increase of 241,000), up from 1.5 million in December, and up to 1.1% from December’s 1.0%, respectively.

The number of other separations in January was 302,000, down from December’s 336,000.

Consistent with BLS practice, annual estimates are published for not seasonally adjusted data each year with the January news release. The 2022 annual review can be found by visiting the original source.

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