by Calculated Risk on 5/11/2021 10:08:00 AM
From the BLS: Job Openings and Labor Turnover Summary
The number of job openings reached a series high of 8.1 million on the last business day of March, the
U.S. Bureau of Labor Statistics reported today. Hires were little changed at 6.0 million. Total
separations were little changed at 5.3 million. Within separations, the quits rate was unchanged at 2.4
percent while the layoffs and discharges rate decreased to a series low of 1.0 percent.
The following graph shows job openings (yellow 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) net jobs headline numbers. This report is for March, the most recent employment report was for April.
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 huge spikes in layoffs and discharges in March and April 2020 are labeled, but off the chart to better show the usual data.
Jobs openings increased in March to 8.123 million from 7.526 million in February. This is above the previous series maximum of 7.574 million.
The number of job openings (yellow) were up 40.8% year-over-year. This is a comparison to the beginning of the pandemic.
Quits were up 20.9% year-over-year. These are voluntary separations. (see light blue columns at bottom of graph for trend for “quits”).