Job Openings and Labor Turnover Summary Released for August 2022

On Tuesday (10-4-22), the US Bureau of Labor Statistics (BLS) reported the Job Openings and Labor Turnover Summary (JOLTS) for August 2022.

According to the JOLTS report, as of the last business day in August, the number and rate of job openings decreased to 10.1 million (11.1 million in July) and 6.2%, respectively. The largest decreases in job openings were in health care and social assistance (down 236,000), other services (down 183,000), and retail trade (down 143,000). The job openings rate decreased in all establishment size classes except those with 9 or less employees, which changed little.

In August, the number of hires was little changed at 6.3 million (6.4 million in July) and the hires rate was 4.1%. Federal government hires declined by 8,000.

The number and rate of total separations were little changed at 6.0 million (5.9 million in July) and 3.9%, respectively. Total separations increased in accommodation and food services up 175,000.

The number and rate of quits was unchanged from July at 4.2 million and 2.7%, respectively. Quits increased in accommodation and food services—up 119,000 and 19,000—but decreased in professional and business services—down 94,000. The quits rate increased in establishments with 1,000 to 4,999 employees.

The number of layoffs and discharges increased to 1.5 million, (1.4 million in July), and the rate edged higher to 1.0% (0.9% in July). Layoffs and discharges were little changed in all industries.

The number of other separations in August edged higher to 358,000, up from 352,000 in July. Other separations decreased in information services (down 6,000) and in the federal government (down 3,000).

Both the layoffs and discharges rate and the total separations rate decreased in establishments with 250 to 999 employees.

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.