JOB OPENINGS AND LABOR TURNOVER – FEBRUARY 2023
The number of job openings decreased to 9.9 million on the last business day of February, the U.S. Bureau of Labor Statistics reported today. Over the month, the number of hires and total separations changed little at 6.2 million and 5.8 million, respectively. Within separations, quits (4.0 million) edged up, while layoffs and discharges (1.5 million) decreased. 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 February, the number and rate of job openings decreased to 9.9 million (-632,000) and 6.0 percent, respectively. The largest decreases in job openings were in professional and business services (-278,000); health care and social assistance (-150,000); and transportation, warehousing, and utilities (-145,000). The number of job openings increased in construction (+129,000) and in arts, entertainment, and recreation (+38,000). (See table 1.)
Hires
In February, the number and rate of hires changed little at 6.2 million and 4.0 percent, respectively. Hires increased in federal government (+8,000). (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.In February, the number of total separations changed little at 5.8 million. The rate was little changed at 3.7 percent. The number of total separations decreased in transportation, warehousing, and utilities (-45,000) but increased in educational services (+21,000) (See table 3.)In February, the number of quits edged up to 4.0 million (+146,000), and the rate was little changed at 2.6 percent. Quits increased in professional and business services (+115,000); accommodation and food services (+93,000); wholesale trade (+31,000); and educational services (+18,000). The number of quits decreased in finance and insurance (-39,000). (See table 4.)In February, the number of layoffs and discharges decreased to 1.5 million (-215,000). The rate was little changed at 1.0 percent. Layoffs and discharges decreased in professional and business services (-157,000). (See table 5.)The number of other separations was little changed in February at 291,000. Other separations increased in finance and insurance (+19,000) and in wholesale trade (+10,000). (See table 6.)
Establishment Size Class
In February, establishments with 1 to 9 employees saw little change in their job openings rate, hires rate, and total separations rate; but the layoffs and discharges rate decreased. Establishments with more than 5,000 employees saw little change in their hires rate and total separations rate while the job openings rate decreased. (See table 7.)
The Job Openings and Labor Turnover Survey estimates for March 2023 are scheduled to be released on Tuesday, May 2, 2023, at 10:00 a.m. (ET).
Original source can be found here.