BLS Report: August job openings, hires, and total separations change little; quits trend down

[mahatmakanejeeves]

People come; people go.

This is JOLTS, the Job Openings and Labor Turnover Survey. It used to come out a few days after the monthly payroll employment report, but now it seems to run on its own schedule.

The number of quits indicates how confident people are of finding another job if they leave the one they have.

August job openings, hires, and total separations change little; quits trend down
The number of job openings was little changed at 8.0 million on the last business day of August. Hires and total separations changed little at 5.3 million and 5.0 million, respectively.

Economic News Release USDL-24-2050

Job Openings and Labor Turnover Summary
For release 10:00 a.m. (ET) Tuesday, October 1, 2024
Technical information: [phone] • [e-mail] • www.bls.gov/jlt
Media contact: [phone] • [e-mail]

JOB OPENINGS AND LABOR TURNOVER – AUGUST 2024

The number of job openings was little changed at 8.0 million on the last business day of August, the U.S. Bureau of Labor Statistics reported today. Over the month, hires changed little at 5.3 million. Total separations changed little at 5.0 million. Within separations, quits (3.1 million) continued to trend down and layoffs and discharges (1.6 million) changed little. 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

The number of job openings was little changed at 8.0 million on the last business day of August but was down by 1.3 million over the year. The job openings rate, at 4.8 percent, changed little over the month. The number of job openings increased in construction (+138,000) and in state and local government, excluding education (+78,000). Job openings decreased in other services (-93,000). (See table 1.)

Hires

In August, the number and rate of hires changed little at 5.3 million and 3.3 percent, respectively. (See table 2.)

Separations

Total separations include 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 include separations due to retirement, death, disability, and transfers to other locations of the same firm.

The number of total separations in August changed little at 5.0 million. The total separations rate decreased to 3.1 percent. Total separations increased in professional and business services (+149,000) but decreased in accommodation and food services (-111,000) and in state and local government, excluding education (-25,000). (See table 3.)

In August, the number of quits trended down to 3.1 million (-159,000), while the quits rate, at 1.9 percent, changed little. Quits decreased in transportation, warehousing, and utilities (-45,000); arts, entertainment, and recreation (-18,000); and private educational services (-11,000). (See table 4.)

In August, the number and rate of layoffs and discharges changed little at 1.6 million and 1.0 percent, respectively. Layoffs and discharges decreased in health care and social assistance (-52,000). (See table 5.)

The number of other separations changed little at 304,000 in August. (See table 6.)

Establishment Size Class

In August, establishments with 1 to 9 employees and establishments with 5,000 or more employees, showed little or no change in job openings, hires, and separations rates. (See table 7.)

July 2024 Revisions

The number of job openings for July was revised up by 38,000 to 7.7 million, the number of hires was revised down by 105,000 to 5.4 million, and the number of total separations was revised down by 106,000 to 5.3 million. Within separations, the number of quits was revised down by 34,000 to 3.2 million, and the number of layoffs and discharges was revised down by 49,000 to 1.7 million. (Monthly revisions result from additional reports received from businesses and government agencies since the last published estimates and from the recalculation of seasonal factors.)
____________
The Job Openings and Labor Turnover Survey estimates for September 2024 are scheduled to be released on Tuesday, October 29, 2024, at 10:00 a.m. (ET).

{snip a lot of tables}

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Facilities for Sensory Impaired

Information from these releases will be made available to sensory impaired individuals upon request. Voice phone: [phone], Federal Relay Services: 1-800-877-8339.

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Some previous reports. I don't post them every month anymore.

Tue Oct 1, 2024: BLS Report: August job openings, hires, and total separations change little; quits trend down {this one}

Tue Oct 1, 2024: US job openings rise to 8 million as labor market remains sturdy

Wed Sep 4, 2024, 12:07 PM: US job openings fall as demand for workers weakens

Wed Sep 4, 2024, 10:22 AM: BLS Report: July job openings and hires change little; total separations increase {this one}

Tue Jul 30, 2024: JOLTS - Job Opening & Labor Turnover - nice graph of Openings and Quits. A slight decline in labor mkt conditions

Tue Jul 2, 2024: BLS Report: May job openings, hires, and total separations change little

Wed Jun 5, 2024: BLS Report: April job openings, hires, and total separations change little

Wed May 1, 2024: BLS Report: March job openings and hires change little; total separations decrease

Wed May 1, 2024, 12:28 PM: US job openings fall to 8.5 million in March, the lowest level in more than 3 years (in LBN)

Tue Apr 2, 2024, 03:39 PM: BLS Report: February job openings, hires, and total separations change little

Tue Apr 2, 2024, 03:22 PM: Job openings data shows US labor market remains 'quite healthy' (in LBN)

Wed Jan 3, 2024: BLS Report: Hires and total separations decrease in November; job openings change little

Tue Oct 4, 2022: BLS Report: August job openings decrease; hires and total separations change little (this one)

Tue Aug 30, 2022: BLS Report: July job openings change little; hires and total separations also change little

Tue Aug 30, 2022: Job vacancies rose in July, dashing Fed hopes for cooling (in LBN)

Tue Aug 2, 2022: U.S. job openings at nine-month low; labor market still tight (in LBN)

Wed Jul 6, 2022: BLS Report: May job openings decrease; hires and total separations change little

Wed Jun 1, 2022: BLS Report: April job openings decrease; layoffs and discharges edge down to series low

{snip the rest}

Related:

Wed Jan 27, 2021: BLS Report: Gross job losses 20.4 million and gross job gains 5.7 million in the 2nd quarter of 2020

[progree]

1. AP: US job openings rise to 8 million as labor market remains sturdy

Here's something to read if the BLS's "changed little" this and "changed little" that becomes a bit exhausting after a while.

Most of the media reports are calling it good news (increased job openings means more job opportunities, which is good for workers. Although the low quits rate is seen as a negative)

https://www.msn.com/en-us/money/markets/us-job-openings-rise-to-8-million-as-labor-market-remains-sturdy/ar-AA1rwMSS

U.S. job openings rose unexpectedly in August as the American labor market continued to show resilience.

The Labor Department reported Tuesday that employers posted 8 million vacancies in August, up from 7.7 million in July. Economists had expected openings to be virtually unchanged. Openings were up in construction and in state and local government.

Layoffs fell in August. But the number of Americans quitting their jobs — a sign of confidence in their job prospects — slid to the lowest level since August 2020 when the economy was reeling from COVID-19 lockdowns.

Job openings have come down steadily since peaking at 12.2 million in March 2022, but they remain above where they stood before the coronavirus pandemic hit the American economy in early 2020. When the economy roared back with unexpected strength from COVID-19 lockdowns, companies scrambled to find enough workers to keep up with customer orders.

. . .