JOLTS Job Openings: Lower
- Prior month 7.568 M revised to 7.480M
- Job openings 7.192M vs 7.480M
Hires: Slightly Higher. Good for employment
Total hires: 5.411 million (versus 5.370M last month)
Hires rate: 3.4% (unchanged from last month)
No significant changes across industries
Total Separations: Lower. Good for employment
Total separations: 5.137 million (versus 5.316M last month)
Separations rate: 3.2% (vs 3.3% last month)
Increased in state and local government (ex. education): +28,000
Decreased in federal government: -8,000
Quits: Higher. A higher quits rate is considered positive
Total quits: 3.332 million (vs 3.250 million last month)
Quits rate: 2.1% (versus 2.0% last month)
Decreased in transportation, warehousing, and utilities: -49,000
Layoffs and Discharges: Lower. Good for jobs
Total: 1.558M million (vs 1.780M last month)
Rate: 1.0% (vs 1.1% last month)
Decreased in:
Retail trade: -66,000
Federal government: -11,000
Increased in:
State and local government (ex. education): +17,000
Other Separations
Total: 247,000 (little changed)
SUMMARY: Apart from the actual job openings which fell toward 2020 levels, the other pieces of the report were employment positive.
- Hires were higher.
- Separations were lower
- Quits rate was higher indicative of employees confident on finding a new job
- Layoffs and discharges are lower. Good for jobs
The JOLT job report had gotten out of whack with the jobs market doring 2021, 2022, but has been moving back toward pre pandemic levels.
