On Wednesday (1-4-23), the US Bureau of Labor Statistics (BLS) reported the Job Openings and Labor Turnover Summary (JOLTS) for November 2022. According to the JOLTS report, as of the last business day in November, the number of job openings edged slightly higher to 10.5 million from 10.3 million in October. The rate changed little from 6.3% to 6.4% but was 0.9% lower than its peak in March 2022.
In November, the number of hires was at 6.1 million, up from 6.0 million in October. The hire rated held steady at 3.9%.
The number and rate of total separations was 5.9 million, up from 5.7 million in October. The rate was 3.8%, up from 3.7% reported in October.
- The number and rate of quits was 4.2 million, up from 4.0 million in October. The rate increased to 2.7%, up from 2.6% in October.
- The number of layoffs and discharges held steady at 1.4 million, unchanged from October, and the rate remained unchanged at 0.9%.
- The number of other separations in November increased to 347,000 (+83,000).
- The total separations rate increased in establishments with 50 to 249 employees. The quit rate increased in establishments with 1 to 9 employees.
The BLS notes that a 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.
FEA compiles the Wood Markets News from various 3rd party sources to provide readers with the latest news impacting forest product markets. Opinions or views expressed in these articles do not necessarily represent those of FEA.