Research >> Economics
Job Openings changed little at 8.5 million in March 2024
|
The number of job openings changed little at 8.5 million on the last business day of March, the U.S. Bureau of Labor Statistics reported today. Over the month, the number of hires changed little at 5.5 million while the number of total separations decreased to 5.2 million. Within separations, quits (3.3 million) and layoffs and discharges (1.5 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
On the last business day of March, the number of job openings changed little at 8.5 million; this measure was down by 1.1 million over the year. The rate was little changed at 5.1 percent in March. Job openings decreased in construction (-182,000) and in finance and insurance (-158,000), but increased in state and local government education (+68,000).
Hires
In March, the number of hires was little changed at 5.5 million but was down by 455,000 over the year. The rate, at 3.5 percent, changed little in March.
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 March decreased to 5.2 million (-339,000). The rate changed little at 3.3 percent. Over the month, the number of total separations increased in private educational services (+21,000).
In March, the number of quits was little changed at 3.3 million but was down by 480,000 over the year. The rate was little changed at 2.1 percent in March. The number of quits decreased in other services (-59,000).
In March, the number and rate of layoffs and discharges changed little at 1.5 million and 1.0 percent, respectively. The number of layoffs and discharges decreased in arts, entertainment, and recreation (-39,000) but increased in private educational services (+18,000).
The number of other separations was little changed in March at 345,000.
Establishment Size Class
In March, establishments with 1 to 9 employees and establishments with 5,000 or more employees saw little change in their job openings rate, hires rate, and total separations rate.
February 2024 Revisions
The number of job openings for February was revised up by 57,000 to 8.8 million, the number of hires was revised down by 37,000 to 5.8 million, and the number of total separations was revised down by 20,000 to 5.5 million. Within separations, the number of quits was revised up by 43,000 to 3.5 million and the number of layoffs and discharges was revised down by 43,000 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.)
Click to Link
Posted: May 1, 2024 Wednesday 08:30 AM