Economy

mahatmakanejeeves

(60,969 posts) Wed Jul 6, 2022, 11:13 AM Jul 2022

BLS Report: May job openings decrease; hires and total separations change little

Economic News Release USDL-22-1442

Job Openings and Labor Turnover Summary

For release 10:00 a.m. (ET) Wednesday, July 6, 2022
Technical information: (202) 691-5870 • JoltsInfo@bls.gov • www.bls.gov/jlt
Media contact: (202) 691-5902 • PressOffice@bls.gov

JOB OPENINGS AND LABOR TURNOVER – MAY 2022

The number of job openings decreased to 11.3 million on the last business day of May, the U.S. Bureau of Labor Statistics reported today. Hires and total separations were little changed at 6.5 million and 6.0 million, respectively. Within separations, quits (4.3 million) and layoffs and discharges (1.4 million) were little changed. This release includes estimates of the number and rate of job openings, hires, and separations for the total nonfarm sector, by industry, and by establishment size class.

Job Openings

On the last business day of May, the number and rate of job openings decreased to 11.3 million (-427,000) and 6.9 percent, respectively. The largest decreases in job openings were in professional and business services (-325,000), durable goods manufacturing (-138,000), and nondurable goods manufacturing (-70,000). (See table 1.)

Hires

In May, the number of hires was little changed at 6.5 million. The hires rate was unchanged at 4.3 percent. Hires decreased in finance and insurance (-40,000). (See table 2.)

Separations

Total separations includes quits, layoffs and discharges, and other separations. Quits are generally voluntary separations initiated by the employee. Therefore, the quits rate can serve as a measure of workers’ willingness or ability to leave jobs. Layoffs and discharges are involuntary separations initiated by the employer. Other separations includes separations due to retirement, death, disability, and transfers to other locations of the same firm.

In May, the number of total separations was little changed at 6.0 million. The rate was unchanged at 3.9 percent. Total separations decreased in real estate and rental and leasing (-30,000) and in state and local government education (-28,000). (See table 3.)

In May, the number and rate of quits were little changed at 4.3 million and 2.8 percent, respectively. Quits decreased in real estate and rental and leasing (-33,000) and in state and local government education (-19,000). Quits increased in arts, entertainment, and recreation (+19,000). (See table 4.)

In May, the number of layoffs and discharges was little changed at 1.4 million. The rate was unchanged at 0.9 percent. Layoffs and discharges increased in wholesale trade (+24,000) and in federal government (+4,000). (See table 5.)

The number of other separations was little changed in May at 324,000. Other separations decreased in state and local government education (-12,000) and in educational services (-3,000). Other separations increased in real estate and rental and leasing (+6,000). (See table 6.)

Net Change in Employment

Large numbers of hires and separations occur every month throughout the business cycle. Net employment change results from the relationship between hires and separations. When the number of hires exceeds the number of separations, employment rises, even if the hires level is steady or declining. Conversely, when the number of hires is less than the number of separations, employment declines, even if the hires level is steady or rising.

Over the 12 months ending in May, hires totaled 78.4 million and separations totaled 72.0 million, yielding a net employment gain of 6.4 million. These totals include workers who may have been hired and separated more than once during the year.

Establishment Size Class

In May, the job openings rate decreased in establishments with 250 to 999 employees. The quits rate decreased in establishments with 250 to 999 employees and in establishments with 5,000 or more employees. For a more in-depth description of the JOLTS establishment size class estimates, please visit www.bls.gov/jlt/sizeclassmethodology.htm.
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The Job Openings and Labor Turnover Survey estimates for June 2022 are scheduled to be released on Tuesday, August 2, 2022 at 10:00 a.m. (ET).

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