Economy

mahatmakanejeeves

(60,944 posts) Wed Mar 8, 2023, 12:18 PM Mar 2023

BLS report: January job openings and quits decrease; layoffs and discharges increase

Economic News Release USDL-23-0434

Job Openings and Labor Turnover Summary
For release 10:00 a.m. (ET) Wednesday, March 8, 2023
Technical information: (202) 691-5870 • JoltsInfo@bls.gov • www.bls.gov/jlt
Media contact: (202) 691-5902 • PressOffice@bls.gov

JOB OPENINGS AND LABOR TURNOVER – JANUARY 2023

The number of job openings decreased to 10.8 million on the last business day of January, the U.S. Bureau of Labor Statistics reported today. Over the month, the number of hires and total separations changed little at 6.4 million and 5.9 million, respectively. Within separations, quits (3.9 million) decreased, while layoffs and discharges (1.7 million) increased. This release includes estimates of the number and rate of job openings, hires, and separations for the total nonfarm sector, by industry, and by establishment size class. This release also presents 2022 annual estimates for job openings, hires, and separations.

Job Openings

On the last business day of January, the number and rate of job openings decreased to 10.8 million (-410,000) and 6.5 percent, respectively. In January, the largest decreases in job openings were in construction (-240,000), accommodation and food services (-204,000), and finance and insurance (-100,000). The number of job openings increased in transportation, warehousing, and utilities (+94,000) and in nondurable goods manufacturing (+50,000). (See table 1.)

Hires

In January, the number and rate of hires changed little at 6.4 million and 4.1 percent, respectively. Hires changed little in all industries. (See table 2.)

Separations

Total separations include quits, layoffs and discharges, and other separations. Quits are generally voluntary separations initiated by the employee. Therefore, the quits rate can serve as a measure of workers’ willingness or ability to leave jobs. Layoffs and discharges are involuntary separations initiated by the employer. Other separations include separations due to retirement, death, disability, and transfers to other locations of the same firm.

In January, the number of total separations changed little at 5.9 million. The rate was unchanged at 3.8 percent. The number of total separations decreased in federal government (-13,000). (See table 3.)

In January, the number of quits decreased to 3.9 million (-207,000), and the rate was little changed at 2.5 percent. Quits decreased in professional and business services (-221,000), educational services (-14,000), and federal government (-5,000). (See table 4.)

In January, the number of layoffs and discharges increased to 1.7 million (+241,000). The rate was little changed at 1.1 percent. Layoffs and discharges increased in professional and business services (+190,000) but decreased in federal government (-5,000). (See table 5.)

The number of other separations was little changed in January at 302,000. Other separations decreased in professional and business services (-29,000), finance and insurance (-20,000), and health care and social assistance (-18,000). The number of other separations increased in accommodation and food services (+15,000); information (+11,000); and arts, entertainment, and recreation (+4,000). (See table 6.)

Establishment Size Class

In January, establishments with 1 to 9 employees saw little change in their job openings rate, hires rate, and total separations rate, but quits rate decreased. Establishments with more than 5,000 employees saw little change in their job openings rate, hires rate, and total separations rate. (See table 7.)

Annual Levels and Rates

Consistent with BLS practice, annual estimates are published for not seasonally adjusted data each year with the January news release.

The annual average level of job openings is the average of the 12 monthly levels. Annual levels for hires and separations are the sum of the 12 monthly levels.

Annual average rates for job openings are computed by dividing the sum of the 12 monthly JOLTS levels by the sum of the 12 monthly Current Employment Statistics (CES) employment levels plus the sum of the 12 monthly job openings levels, and multiplying that quotient by 100.

Annual average rates for hires and separations are computed by dividing the sum of the 12 monthly JOLTS levels for each data element by the sum of the 12 monthly CES employment levels, and multiplying that quotient by 100.

In 2022, the annual average job openings level was 11.2 million, an increase of 1.2 million from 2021. The annual average job openings rate was 6.8 percent in 2022, compared to 6.4 percent in 2021. (See tables 15 and 16.)

In 2022, there were 77.2 million hires, an increase of 1.2 million from 2021. Total separations increased by 3.2 million in 2022 to 72.3 million. Accounting for 70.0 percent of total separations, quits numbered 50.6 million in 2022, the highest annual level in the survey’s history (JOLTS annual estimates are available back to 2001). Layoffs and discharges increased by 461,000 in 2022 to 17.6 million and accounted for 24.3 percent of total separations. Other separations decreased by 138,000 in 2022 to 4.1 million and accounted for 5.7 percent of total separations. (See tables 17 through 26.)

The annual average hires rate for 2022 was 4.2 percent, similar to the rate of 4.3 percent from 2021. The annual average total separations rate for 2022 was 3.9 percent, unchanged from the previous year. The annual average rates for the components of total separations were 2.8 percent for quits, 1.0 percent for layoffs and discharges, and 0.2 percent for other separations. (See tables 17 through 26.)
____________
The Job Openings and Labor Turnover Survey estimates for February 2023 are scheduled to be released on Tuesday, April 4, 2023, at 10:00 a.m. (ET).

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BLS report: January job openings and quits decrease; layoffs and discharges increase (Original Post) mahatmakanejeeves Mar 2023 OP

January US job openings dip, but still high at 10.8 million mahatmakanejeeves Mar 2023 #1

mahatmakanejeeves

(60,944 posts)

1. January US job openings dip, but still high at 10.8 million

Reply to mahatmakanejeeves (Original post)

Wed Mar 8, 2023, 02:01 PM

Mar 2023

January US job openings dip, but still high at 10.8 million

PAUL WISEMAN
Wed, March 8, 2023 at 10:09 AM EST

WASHINGTON (AP) — U.S. employers posted 10.8 million job openings in January, indicating the American job market continues to run too hot for the inflation fighters at the Federal Reserve. ... Job openings fell from 11.2 million in December but remained high by historical standards, the Labor Department reported Wednesday. Employers also hired more workers in January. But layoffs rose.

For 20 straight months, employers have posted at least 10 million openings — a level never reached before 2021 in Labor Department data going back to 2000. The number of openings in January exceeded what economists had forecast and translates to about two vacancies for every unemployed American.

Still, there some signs the job market is cooling in the Labor Department's monthly Job Openings and Labor Turnover Summary (JOLTS) report. Amid high-profile job cuts at many big tech companies such as Google and Amazon, overall layoffs rose in January to 1.7 million, highest since December 2020. And the number of Americans quitting their jobs – a sign they are confident they can find better pay or working conditions elsewhere – fell to the lowest level since April 2021.

The American job market has been surprisingly resilient in the face of punishing inflation and rising interest rates.

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