On Tuesday (1-4-22) the U.S. Bureau of Labor Statistics (BLS) reported the Job Openings and Labor Turnover Summary (JOLTS) for November 2021. According to the JOLTS report, as of the last day in November, the number of job openings decreased to 10.6 million (-529,000 or -6.6%).
The number of hires was increased to 6.7 million in November, up from October’s 6.5 million. The hire rate was 4.5% up from 4.4% in October. Hires were little changed in all industries and all 4-reporting regions.
The total number and rate of separations increased 6.3 million, +382,000 or 4.2%. The total number of quits increased to 4.5 million, +370,000 or 3.0%. This matches the series high which was set in September of 2021.
The total number of layoffs and discharges was little changed at 1.4 million or 0.9%. The number of layoffs was little changed in all 4 reporting regions.
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.
Over the 12 months ending in November 2021, hires totaled 74.5 million and separations totaled 68.7 million, yielding a net employment gain of 5.9 million. These totals include workers who may have been hired and separated more than once during the year.
FEA compiles the Wood Markets News from various 3rd party sources to provide readers with the latest news impacting forest product markets. Opinions or views expressed in these articles do not necessarily represent those of FEA.