Job Openings and Labor Turnover Summary Released for January 2022

On Wednesday (3-9-22), the U.S. Bureau of Labor Statistics (BLS) reported the Job Openings and Labor Turnover Summary (JOLTS) for January 2022. According to the JOLTS report, as of the last day in January, the number of job openings were at 11.3 million (a rate of 7.0%). The number of job openings was little changed in all four reporting regions.

In January, the number of hires increased to 6.5 million, or a rate of 4.3%. The total number and rate of separations increased to 6.1 million, or 4.0%. The total number of quits inched lower to 4.3 million (-151,000 or 2.8%).

The number and rate of layoffs and discharges were little changed at 1.4 million and 0.9 percent, respectively. Layoffs and discharges increased in retail trade (+48,000) and in information (+40,000) but decreased in federal government (-12,000). The number of layoffs and discharges increased in the Northeast region.

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 January 2022, hires totaled 76.4 million and separations totaled 70.0 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.

The January 2022 report also includes 2021 annual estimates for hires and separations. The annual number of hires in 2021 increased to 75.6 million, while the annual number of quits in 2021 increased to 47.8 million. The annual number of layoffs and discharges decreased to 17.0 million in 2021.