Job Openings and Labor Turnover Summary Released for October 2021

On Wednesday (12-8-21), the U.S. Bureau of Labor Statistics (BLS) reported the Job Openings and Labor Turnover Summary (JOLTS) for October 2021. According to the JOLTS report, as of the last day in October, the number of job openings increased to 11.0 million (+431,000). The Job opening rate was little changed at 6.9%. The number of hires was little changed at 6.5 million. The hire rate was unchanged at 4.4%.

In October, the total number and rate of separations edged lower to 5.9 million (-255,000) and 4.0%, respectively. In October, the number of quits decreased to 4.2 million (-205,000) and the quit rate declined to 2.8%. The number of layoffs and discharges were little changed at 1.4 million, and the rate was unchanged at 0.9%.

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 October, hires totaled 73.8 million and separations totaled 68.1 million, yielding a net employment gain of 5.7 million. These totals include workers who may have been hired and separated more than once during the year.