Job Openings and Labor Turnover Summary Released for October

On Wednesday (11-30-22), the US Bureau of Labor Statistics (BLS) reported the Job Openings and Labor Turnover Summary (JOLTS) for October 2022. According to the JOLTS report, as of the last business day in October, the number of job openings edged lower to 10.3 million, or 353,000 less than in September. The rate changed little at 6.3%, but 1.0% lower than its peak in March 2022.

In October, the number of hires slipped to 6.0 million, down from 6.1 million in September. The hire rate dropped 0.1% to 3.9%.

The number and rate of total separations was unchanged from September, holding at 5.7 million, and the rate was also unchanged at 3.7%.

The number and rate of quits was 4.0 million, down from 4.1 million in September, and the rate also declined 0.1 to 2.6% down from 2.7% in September.

The number of layoffs and discharges edged higher to 1.4 million up from 1.3 million in September. The rate was unchanged at 0.9%.

The number of other separations in October was little changed at 270,000

In October, the job openings rate decreased in establishments with 1,000 to 4,999 employees. The total separations rate decreased in establishments with 5,000 or more employees. The layoffs and discharges rate increased in establishments with 1 to 9 employees.

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.