by Calculated Risk on 12/08/2021 10:05:00 AM
From the BLS: Job Openings and Labor Turnover Summary
Bureau of Labor Statistics reported today. Hires were little changed at 6.5 million and total separations
edged down to 5.9 million. Within separations, the quits rate decreased to 2.8 percent following a series
high in September. The layoffs and discharges rate was unchanged at 0.9 percent.
emphasis added
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 October, the most recent employment report was 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 huge spike in layoffs and discharges in March 2020 are labeled, but off the chart to better show the usual data.
Jobs openings increased in October to 11.033 million from 10.602 million in September.
Quits were up 24% year-over-year. These are voluntary separations. (See light blue columns at bottom of graph for trend for “quits”).
