JOLTS Report: Record Quits, Job Openings

The number of U.S. job openings reached a series high 11.5 million on March’s last business day, the U.S. Bureau of Labor Statistics reported Tuesday.

Over the month, the job openings rate was little changed at 7.1 percent, the BLS said in its Job Openings and Labor Turnover Summary “JOLTS” report. Job openings increased in retail trade (+155,000) and in durable goods manufacturing (+50,000). Job openings decreased in transportation, warehousing, and utilities (-69,000); state and local government education (-43,000); and federal government (-20,000).

The number of hires also changed little at 6.7 million and the hires rate was unchanged at 4.5 percent, the report said. Hires were little changed in all industries and across all four regions.

Total separations include quits, layoffs and discharges, and other separations. The number of total separations edged up to 6.3 million (+239,000) in March. The rate was little changed at 4.2 percent. Total separations were little changed in all industries. The number of total separations increased in the South region.

Quits–generally voluntary separations initiated by the employee–can serve as a measure of workers’ willingness or ability to leave jobs. March quits edged up to a series high of 4.5 million (+152,000). The rate was little changed at 3.0 percent. Quits increased in professional and business services (+88,000) and construction (+69,000). The number of quits increased in the South region.

BLS noted large numbers of hires and separations occur every month throughout the business cycle. “Net employment change results from the relationship between hires and separations,” the report said. “When the number of hires exceeds the number of separations, employment rises, even if the hires level is steady or declining. Conversely, when the number of hires is less than the number of separations, employment declines, even if the hires level is steady or rising.” Over the 12 months ending in March, hires totaled 77.7 million and separations totaled 71.4 million, yielding a 6.3 million net employment gain. These totals include workers who may have been hired and separated more than once during the year.