US job openings fell to 7.15 million in November
BLS said vacancies declined from October, while hires, quits and layoffs were broadly steady in the November JOLTS report.
By Priya Nair · Economy Reporter
· 2 min read
U.S. employers had 7.15 million open jobs in November, down from 7.45 million in October, according to the Bureau of Labor Statistics. For investors following the labor market, the report gives a fresh read on demand for workers and arrives before the December employment report scheduled for Friday.
The figures come from the BLS Job Openings and Labor Turnover Summary, known as JOLTS. The report tracks open roles, hiring, quits, layoffs and other job separations, which makes it a useful snapshot of how much movement is happening inside the labor market.
What the November report showed
The BLS rounded the openings figure to 7.1 million and said the number was little changed for the month. Using the more precise figures cited in the JOLTS data, openings declined to 7.15 million in November from 7.45 million in October.
Hiring was also little changed, according to the BLS, with hires at 5.1 million. Total separations, a category that includes workers leaving jobs for any reason, were unchanged at 5.1 million.
Inside separations, quits were 3.2 million and layoffs and discharges were 1.7 million. The BLS said both categories showed little movement in November. Quits are voluntary departures, so they are often watched as a measure of workers’ willingness to leave one job for another.
Compared with a year earlier, job openings were down 11%, while quits were up 4%, according to the JOLTS figures cited in the report.
How to read the turnover numbers
JOLTS is separate from the main monthly employment report, which is based on the payroll survey. The relationship between hires and separations can still help explain the direction of net job creation: when hires are higher than separations, the economy is adding jobs on net; when separations are higher, it is losing jobs on net.
In November, hires and total separations were both reported at 5.1 million. That points to a labor market where overall worker movement was steady in the month, even as advertised openings moved lower from October.
The JOLTS series began in December 2000. The BLS data also show that hires and separations usually run close to each other month to month, while periods of stress can create sharp moves in layoffs, such as the spike recorded in March 2020.
This story draws on original reporting from Calculated Risk.
