Job Openings and Labor Turnover Summary for May
Job Openings and Labor Turnover – May 2023
On Thursday (7-6-23), the US Bureau of Labor Statistics (BLS) released its Job Openings and Labor Turnover Summary (JOLTS) for May. According to the JOLTS report, as of the last business day in May, the number of job openings and rate decreased to 9.8 million—down 496,000, or 0.3%. This offsets a similar size increase in April.
The number of hires increased to 6.2 million from April’s reported 6.1 million, and the hire rate increased from 3.9% to 4%.
The total number and rate of separations changed little at 5.9 million (5.7 million in April) and 3.8% (3.7% in April), respectively.
The number and rate of quits increased by 250,000 to 4.0 million (3.8 million in April) and 2.6% (2.4% in April), respectively.
The number and rate of layoffs and discharges was unchanged from April, holding at 1.6 million and 1.0%, respectively.
The number of other separations in May was 301,000, below April’s 333,000.
Establishments with 1 to 9 employees and establishments with more than 5,000 employees both saw decreases in their job opening rates.
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