On Wednesday (6-1-22), the U.S. Bureau of Labor Statistics (BLS) reported the Job Openings and Labor Turnover Summary (JOLTS) for April 2022. According to the JOLTS report, as of the last day in April, the number of job openings decreased from its all-time in March of 11.5 million to 11.4 million (-455,000), or a rate of 7.0%.
The largest decreases in job openings were in health care and social assistance (-266,000), retail trade (-162,000), and accommodation and food services (-113,000). The largest increases were in transportation, warehousing, and utilities (+97,000), nondurable goods manufacturing (+67,000), and durable goods manufacturing (+53,000).
In April, the number of hires was down slightly to 6.6 million, or a rate of 4.4%. The total number and rate of separations inched lower to 6.0 million, a rate of 4.0%. The total number of quits edged lower to 4.4 million, down from March’s series high of 4.5 million, or a rate of 2.9%.
The number and rate of layoffs and discharges in April declined to a series low of 1.2 million, or a rate of 0.8%. The number of other separations was little changed in April at 363,000. Other separations decreased in educational services (-6,000) but increased in real estate and rental and leasing (+5,000).
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 April, hires totaled 78.0 million and separations totaled 71.6 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.
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.
JOB OPENINGS AND LABOR TURNOVER – APRIL 2022