Job Openings and Labor Turnover Summary Released for February

On Wednesday (4-4-23), the US Bureau of Labor Statistics (BLS) reported the Job Openings and Labor Turnover Summary (JOLTS) for February. According to the JOLTS report, as of the last business day in February the number and rate of job openings declined to 9.9 million (a loss of 632,000) and 6.0%, respectively.

The number of hires was at 6.2 million, and the hire rate was 4.0%. The BLS notes that hires increased by 8,000 in the federal government.

The number of total separations was 5.8 million, down from 5.9 million in January, and the rate of total separations declined to 3.7% from 3.8%. The number of total separations decreased in transportation, warehousing, and utilities (down 45,000) but increased in educational services (up 21,000).

The number of quits increased to 4.0 million (up 146,000), and the total rate of quits also inched higher to 2.6%. The BLS notes that quits increased in professional and business services (up 115,000), wholesale trade (up 31,000), and educational services (up 18,000). The number of quits declined in finance and insurance (down 39,000).

The number and rate of layoffs and discharges decreased to 1.5 million (down 215,000) and 1.0%, respectively.

The number of other separations in February was 291,000, down from January’s 302,000. Other separations increased in finance and insurance (up 19,000) and wholesale trade (up 10,000).

The BLS is reporting that in February, establishments with 1 to 9 employees saw little change in their job openings rate, hires rate, and total separation rate. However, layoffs and discharges declined during the same period. Establishments with more than 5,000 employees experienced little change in their hires rate and total separation rate, while the job opening rate decreased.