at Calculated Risk on 12/03/2024 10:00:00 AM
From the BLS: Job Openings and Labor Turnover Summary
the number of job openings was little changed at 7.7 million on the last business day of Octoberthe US Bureau of Labor Statistics reported today. Over the month, hires changed little at 5.3 million. The number of total separations was little changed at 5.3 million. Within separations, quits (3.3 million) increased, but layoffs and discharges (1.6 million) changed little.
emphasis added
The following graph shows job openings (black line), hires (dark blue), Layoff, Discharges and other (red column), and Quits (light blue column) from the JOLTS.
This series started in December 2000.
Note: The difference between JOLTS hires and separations is similar to the CES (payroll survey) only jobs headline numbers. This report is for October; the employment report this Friday will be for November.
Click on graph for larger image.
Note that hires (dark blue) and total separations (red and light blue columns stacked) are usually pretty close each month. This is a measure of labor market turnover. When the blue line is above the two stacked columns, the economy is adding net jobs – when it is below the columns, the economy is losing jobs.
The spike in layoffs and discharges in March 2020 is labelled, but off the chart to better show the usual data.
Job openings increased in October to 7.74 million from 7.37 million in September.
The number of job openings (black) were down 11% year-over-year.
Quits were down 8% year-over-year. These are voluntary separations. (See light blue columns at bottom of graph for trend for “quits”).