Job Openings and Labor Turnover Summary Released for June 2022

On Tuesday (8-2-22), the US Bureau of Labor Statistics (BLS) reported the Job Openings and Labor Turnover Summary (JOLTS) for June 2022. According to the JOLTS report, as of the last day in June, the number of job openings decreased to 10.7 million, down 605,000, or 6.6%. The largest decreases in job openings were in retail trade, down 343,000, wholesale trade, down 82,000, and in state and local government education, which was down 62,000.

In June, the number of hires was 6.4 million and the hires rate was 4.2%. Hires were little changed in all industries.

In June, the total number and rate of separations—which includes quits, layoffs, and discharges and other separations—was 5.9 million and the rate was unchanged from May at 3.9%. Total separations were little changed in all industries. The number of quits was 4.2 million and the rate of quits was 2.8%, unchanged from May. The number of layoffs and discharges was 1.3 million, and the rate remained unchanged at 0.9% from May. The number of other separations in June was 367,000.

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.