On Tuesday (8-30-22), the US Bureau of Labor Statistics (BLS) reported the Job Openings and Labor Turnover Summary (JOLTS) for July 2022. According to the JOLTS report, as of the last day in July, the number and rate of job openings was little changed at 11.2 million and 6.9 percent, respectively.
Job openings increased by 81,000 in transportation, warehousing, and utilities; 53,000 in the arts, entertainment, and recreation; 47,000 in the federal government; and 42,000 in state and local government education. Job openings decreased in durable goods manufacturing by 47,000.
In July, the number of hires was little changed at 6.4 million and the hires rate was 4.2%. Hires were little changed in all industries.
In July, the number and rate of total separations were little changed at 5.9 million and 3.9%, respectively. The number and rate of quits were little changed at 4.2 million and 2.7%, respectively. The number of layoffs and discharges was little changed at 1.4 million and the rate was unchanged at 0.9%. Layoffs and discharges were little changed in all industries. The number of other separations was little changed in July at 352,000.
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.
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