Job Openings and Labor Turnover Summary for May 2022

On Wednesday (7-6-22), the U.S. Bureau of Labor Statistics (BLS) reported the Job Openings and Labor Turnover Summary (JOLTS) for May 2022. According to the JOLTS report, as of the last day in May the number of job openings decreased to 11.3 million, down 427,000, or 6.9%. The largest decreases in job openings were in professional and business services, down 325,000, followed by durable goods manufacturing down 138,000, and nondurable goods manufacturing down 70,000.

In May, the number of hires was little changed at 6.5 million. The hires rate was unchanged at 4.3%. In May, the total number and rate of separations was little changed at 6.0 million. The rate was unchanged at 3.9%. In May, the number and rate of quits were little changed at 4.3 million and 2.8%, respectively.

In May, the number of layoffs and discharges was little changed at 1.4 million and the rate remained unchanged at 0.9%. The number of other separations was little changed in May at 324,000.

Large numbers of hires and separations occur every month throughout the business cycle. Net employment change results from the relationship between hires and separations. When the number of hires exceeds the number of separations, employment rises, even if the hires level is steady or declining. Conversely, when the number of hires is less than the number of separations, employment declines, even if the hires level is steady or rising.

Over the 12 months ending in May, hires totaled 78.4 million and separations totaled 72.0 million, yielding a net employment gain of 6.4 million. These totals include workers who may have been hired and separated more than once during the year.