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BLS: Job Openings Decreased to 10.6 million in November

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by Calculated Risk on 1/04/2022 10:06:00 AM

From the BLS: Job Openings and Labor Turnover Summary

The number of job openings decreased to 10.6 million on the last business day of November, the U.S. Bureau of Labor Statistics reported today. Hires were little changed at 6.7 million and total separations increased to 6.3 million. Within separations, the quits rate increased to 3.0 percent, matching a series high last seen in September. The layoffs and discharges rate was unchanged at 0.9 percent.
emphasis added

The following graph shows job openings (yellow line), hires (dark blue), Layoff, Discharges and other (red column), and Quits (light blue column) from the JOLTS.

This series started in December 2000.

Note: The difference between JOLTS hires and separations is similar to the CES (payroll survey) net jobs headline numbers. This report is for November, the employment report on Friday will be for December.

Click on graph for larger image.

Note that hires (dark blue) and total separations (red and light blue columns stacked) are usually pretty close each month. This is a measure of labor market turnover. When the blue line is above the two stacked columns, the economy is adding net jobs – when it is below the columns, the economy is losing jobs.

The huge spike in layoffs and discharges in March 2020 are labeled, but off the chart to better show the usual data.

Jobs openings decreased in November to 10.6 million from 11.1 million in October.

The number of job openings (yellow) were up 56% year-over-year.

Quits were up 37% year-over-year. These are voluntary separations. (See light blue columns at bottom of graph for trend for “quits”).

CoreLogic: House Prices up 18.1% YoY in November

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