Job Openings and Labor Turnover Summary for March

On Tuesday (5-2-23), the US Bureau of Labor Statistics (BLS) reported the Job Openings and Labor Turnover Summary (JOLTS) for March. According to the JOLTS report, as of the last business day in March, the number and rate of job openings declined to 9.6 million (a loss of 384,000) and 5.8%, respectively.

The number of hires was at 6.1 million, and the hire rate held steady at 4.0%

The number of total separations was 5.9 million, little changed from February, and the rate of total separations held steady at 3.8%, unchanged for the fourth consecutive month. The BLS reported that the number of total separations decreased in accommodations (down 107,000) but increased by 104,000 in construction.

The number and rate of quits changed little at 3.9 million and 2.5%, respectively.

The number and rate of layoffs and discharges rose to 1.8 million, an increase of 248,000 and 1.2%, respectively. Layoffs and discharges increased in construction, up 112,000, accommodations and food services, up 63,000, and health care and social assistance, up 42,000.

The number of other separations in was 276,000.

The BLS is reporting that establishments with 1 to 9 employees saw a decrease in their job openings rate and an increase in their layoffs and discharge rate. Establishments with more than 5,000 employees saw little change in their job openings and total separation rate.