by Risk calculated on 08/03/2023 10:08:00
From the BLS: Summary of vacancies and labor turnover
The number of job vacancies fell to 10.8 million on the last working day of January, the U.S. Bureau of Labor Statistics reported today. Over the month, the number of hires and total departures changed little at 6.4 million and 5.9 million respectively. Among terminations, quits (3.9 million) fell, while layoffs and layoffs (1.7 million) increased.
added emphasis
The following graph shows JOLTS job postings (black line), hirings (dark blue), layoffs, layoffs and others (red column), and quits (light blue column).
This series began in December 2000.
Note: The difference between JOLTS hires and quits is similar to the CES (Payroll Survey) Net Jobs key figures. This report is for January, the employment report this Friday will be for February.
Click on the graphic to enlarge the image.
Note that total hires (dark blue) and total departures (stacked red and light blue columns) are usually quite close each month. It is a measure of labor market turnover. When the blue line is above the two stacked columns, the economy is creating net jobs – when it is below the columns, the economy is losing jobs.
The peak in layoffs and layoffs in March 2020 is labeled, but off the chart to better show the usual data.
Job vacancies fell in January to 10.8 million from 11.2 million in December.
The number of (black) job openings was down 6% year over year.
Resignations were down 12% year over year. These are voluntary separations. (See the light blue columns at the bottom of the chart for the “drop out” trend).