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Economy

Economic Data (USA)

Tuesday, October 12, 2021

Job Openings and Labor Turnover Survey (JOLTS) for August 2021

The Job Openings and Labor Turnover Survey (JOLTS*) for August 2021 was released by the Labor Department this morning:

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Job Openings

Predicted: 10,400,000
Actual:    10,439,000

  • Previous Month (revised): 11,098,000

  • One Year Previous: 6,451,000

  • Change from one year previous: +61.82% (+3,988,000)


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Hires: 6,322,000 

Quits: 4,270,000 (New Record High)

Total Separations §: 6,003,000 

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From Today's Release:


"...Job Openings

On the last business day of August, the number and rate of job openings decreased to 10.4 million (-659,000) and 6.6 percent, respectively. Job openings decreased in several industries with the largest decreases in health care and social assistance (-224,000); accommodation and food services (-178,000); and state and local government education (-124,000). Job openings increased in federal government (+22,000). The number of job openings decreased in the Northeast and Midwest regions.

Hires
In August, the number and rate of hires decreased to 6.3 million (-439,000) and 4.3 percent, respectively. Hires decreased in accommodation and food services (-240,000) and in state and local government education (-160,000). The number of hires decreased in the Midwest region.

 
Separations
Total separations includes 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 includes separations due to retirement, death, disability, and transfers to other locations of the same firm.
 
In August, the number and rate of total separations were little changed at 6.0 million and 4.1 percent, respectively. The total separations level increased in accommodation and food services (+203,000) and in state and local government education (+57,000). The total separations level decreased in other services (-68,000) and in state and local government, excluding education (-26,000). Total separations were little changed in all four regions.
 
The number of quits increased in August to [a record high] 4.3 million (+242,000). The quits rate increased to a series high of 2.9 percent. Quits increased in accommodation and food services (+157,000); wholesale trade (+26,000); and state and local government education (+25,000). Quits decreased in real estate and rental and leasing (-23,000). The number of quits increased in the South and Midwest regions.
 
In August, the number and rate of layoffs and discharges were little changed at 1.3 million and 0.9 percent, respectively. Layoffs and discharges decreased in other services (-61,000) and in state and local government, excluding education (-22,000). Layoffs and discharges increased in state and local government education (+19,000). Layoffs and discharges were little changed in all four regions.

The number of other separations edged up in August to 390,000 (+49,000). Other separations increased in several industries with the largest increases in state and local government education (+13,000); information (+11,000); and durable goods manufacturing (+8,000). The other separations level increased in the West region..."

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CHART: Hires and Total Separations Rates August 2021 Update

CHART: Hires and Total Separations Rates
August 2021 Update

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§ = Here's How The Labor Department Defines Total Separations:

"Total separations includes quits, layoffs and discharges, and other separations. Total separations is referred to as turnover. 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 includes separations due to retirement, death, disability, and transfers to other locations of the same firm."

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