On Tuesday (11-1-22), the US Bureau of Labor Statistics (BLS) reported the Job Openings and Labor Turnover Summary (JOLTS) for September 2022. According to the report, as of the last business day in September, the number of job openings increased to 10.7 million.
In September, the number of hires slipped lower to 6.1 million (6.3 million in August) and the hires rate dropped 0.1% to 4.0%.
The number and rate of total separations declined to 5.7 million, a loss of 370,000, or 3.7% from August. For the third consecutive month, the number and rate of quits was little changed at 4.1 million and 2.7%, respectively. The number of layoffs and discharges edged lower to 1.3 million, down from 1.5 million in August, and the rate was little changed at 0.9%. Layoffs and discharges were little changed in all industries. The number of other separations in September decreased to 299,000, a decline of 84,000.
The job openings rate decreased in establishments with 5,000 or more employees. The quits rate decreased in establishments with 50 to 249 employees.
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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