US Job Openings and Labor Turnover Summary for May

On Tuesday, the US Bureau of Labor Statistics (BLS) reported the results of its Job Openings and Labor Turnover Survey (JOLTS) for May. As of the last business day in May, the number of job openings was 8.1 million, little changed from April. However, year-over-year, the measure was down 1.2 million. The job openings rate was 4.9%, up from 4.8% in April.

In May, the number of hires was little changed at 5.8 million. Over the year, hires were down by 415,000. The hires rate was little changed at 3.6%.

The total number of separations was 5.4 million, little changed from April. This measure was down by 424,000 over the year. The total number of separations held steady at 3.4%.

The number of quits was 3.5 million, was little changed from April’s report. Over the year, quits were down by 550,000, The quits rate held steady for the seventh consecutive month at 2.2%.

The number and rate of layoffs and discharges was 1.7 million, up from 1.5 million in April, and the rate was unchanged at 1.0%.

The number of other separations was 309,000, down from April’s reported 349,000.

For establishments with 1 to 9 employees, the job openings rate, hires rate, and total separations rate changed little. For establishments with 5,000 or more employees, the layoffs and discharges rate increased while the job openings rate, hires rate, and total separations rate changed little.

Revisions

Monthly revisions result from additional reports received from businesses and government agencies since the last published estimates and from the recalculation of seasonal factors, the BLS said.

The number of job openings for April was revised down by 140,000 to 7.9 million; the number of hires was revised down by 25,000 to 5.6 million; and the number of total separations was revised down by 35,000 to 5.3 million. Within separations, the number of quits was revised down by 55,000 to 3.5 million, and the number of layoffs and discharges was revised up by 27,000 to 1.5 million.