JOLTs job openings lowest since March 2021
- Prior month 8.733M revised to 8.852M. The high reached 12.1M in early 2022. This month is the lowest since March 2021.
- Hires 3.5% vs 3.7% last month
- Separations rate 3.4% vs. 3.6% last month
- Quits 2.2% vs 2.3% last month
The data is oldish (November). Nevertheless, the trend in job openings is lower going into the end of the year as employment gains slows from this measure. The quits rate is often looked at as a barometer for employee confidence. It fell to 2.2% from 2.3% last month (and saw a decrease of -157K)
Details of the job openings from the BLS:
- Number of Job Openings: Remained relatively unchanged at 8.8 million, a decrease from the series high of 12.0 million in March 2022.
- Job Openings Rate: Stayed steady at 5.3%.
- Sector-Specific Changes:
- Decrease in job openings in transportation, warehousing, and utilities (-128,000).
- Decrease in federal government job openings (-58,000).
- Increase in job openings in wholesale trade (+63,000).
Details of the hires data:
- Total Hires: Decreased to 5.5 million, a reduction of 363,000 from the previous period.
- Hires Rate: Remained relatively stable at 3.5%.
- Sector-Specific Decrease: Notable decrease in hires within the professional and business services sector, with a reduction of 163,000
Details of Separations data:
- Types of Separations: Includes quits, layoffs and discharges, and other separations like retirement, death, disability, and transfers.
- Total Separations in November: Decreased to 5.3 million (a drop of 292,000), with the rate remaining stable at 3.4%.
- Decrease in Sectors: Notable decreases in total separations were seen in professional and business services (-158,000) and educational services (-28,000).
- Quits in November: Slightly decreased to 3.5 million (down by 157,000), with the rate relatively unchanged at 2.2%. Reductions were observed in professional and business services (-77,000) and educational services (-23,000).
- Layoffs and Discharges: Remained stable at 1.5 million, with the rate unchanged at 1.0%. Durable goods manufacturing saw a decrease in layoffs and discharges (-18,000).
- Other Separations: Remained relatively unchanged at 342,000 in November.