Sharp drop in job openings according to the latest #JOLTS data from the #BLS.
Job openings fell 10% between July and August 2022, from 11.2 million to 10.1 million.
The largest fall in job openings were in health care and social assistance, other services, and retail trade.
Job openings fell 10% between July and August 2022, from 11.2 million to 10.1 million.
The largest fall in job openings were in health care and social assistance, other services, and retail trade.
Other topline indicators in the #JOLTS report saw little to no change in August. The hires rate was unchanged as separations ticked up slightly, due in part to a mild increase in the layoffs and discharges rate while the quits rate held steady.
The level of hires increased slightly from 6.2 to 6.3 million (mostly rounding) while the level of quits ticked up (4.0 to 4.1 million) and layoffs and discharges ticked up (1.4 to 1.5 million). To be clear these changes are all pretty small and display general series volatility.
While quits rose in accommodations and food services, all sectors—including that one—experienced greater hires than quits in August. Hiring continues to outpace quits in every major sector as workers seek and find new jobs.
The drop in job openings is the big story today, but remember that we've already seen the data on net job growth for August and it was strong, with 315,000 jobs added and an increase in labor force participation.
https://twitter.com/eliselgould/status/1565680730646134784
As always, these surveys exhibit a fair amount of month to month volatility, but @hshierholz puts today's data in context and shows just how much churn has come down since their peak levels of openings, hires, and quits in the pandemic labor market.
https://twitter.com/hshierholz/status/1577309517766877186
For more #JOLTS charts and analysis, see epi.org/indicators/jol….
Shout out to Katie deCourcy and @jorjorwell_ for their excellent assistance with this data release.
Shout out to Katie deCourcy and @jorjorwell_ for their excellent assistance with this data release.
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