On Wednesday (2-1-23), the US Bureau of Labor Statistics (BLS) released its Job Openings and Labor Turnover Summary (JOLTS) for December 2022. According to the JOLTS report, as of the last business day in December, the number and rate of job openings increased to 11.0 million and 6.7%, respectively.
Here are the highlights for December:
- The number of hires was at 6.2 million and the hire rated inched higher to 4.0%. The BLS notes that hires changed little in all industries.
- The number of total separations was unchanged at 5.9 million, and the rate of total separations held steady at 3.8%.
- The number of quits was 4.1 million and the rate of total quits was unchanged at 2.7%. The BLS notes that quits decreased in transportation, warehousing, and utilities (down 69,000) but increased in other services (up 65,000).
- The number and rate of layoffs and discharges changed little at 1.5 million and 1.0%, respectively.
- The number of other separations in December was little changed at 336,000.
In December, the job openings rate increased in establishments with 50 to 249 employees but decreased in establishments with 5,000 or more employees. The total separations rate increased in establishments with 10 to 49 employees but decreased in establishments with 50 to 249 employees and 250 to 999 employees. The quits rate increased in establishments with 10 to 49 employees but decreased in establishments with 50 to 249 employees and 250 to 999 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.
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