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Job Openings rose to 7.5 million in March
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The number of job openings rose to 7.5 million on the last business day of March, the U.S. Bureau of Labor Statistics reported today. Over the month, hires and separations were little changed at 5.7 million and 5.4 million, respectively. Within separations, the quits rate was unchanged at 2.3 percent and the layoffs and discharges rate was little changed at 1.1 percent. This release includes estimates of the number and rate of job openings, hires, and separations for the nonfarm sector by industry and by four geographic regions.
Job Openings
On the last business day of March, the job openings level rose to 7.5 million (+346,000). The job openings rate was 4.7 percent. The number of job openings increased for total private (+363,000) and was little changed for government. Job openings increased in a number of industries, with the largest increases in transportation, warehousing, and utilities (+87,000), construction (+73,000), and real estate and rental and leasing (+57,000). Job openings decreased in federal government (-15,000). The number of job openings was little changed in all four regions.
Hires
The number of hires was little changed at 5.7 million in March. The hires rate was 3.8 percent. The hires level was little changed for total private and for government. The number of hires was little changed in all industries and in all four regions.
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.
The number of total separations was little changed at 5.4 million in March. The total separations rate was 3.6 percent. The number of total separations was little changed for total private but decreased for government (-37,000). The number of total separations was little changed in all industries and in all four regions.
The number of quits was little changed in March at 3.4 million. The quits rate was 2.3 percent. The quits level was little changed for total private and for government. Quits increased in real estate and rental and leasing (+15,000) but decreased in construction (-38,000). The number of quits increased in the Northeast region but decreased in the South region.
The number of layoffs and discharges was little changed in March at 1.7 million. The layoffs and discharges rate was 1.1 percent. The layoffs and discharges level was little changed for total private but decreased for government (-29,000). The number of layoffs and discharges decreased in state and local government education (-18,000). The number of layoffs and discharges was little changed in all four regions.
The number of other separations was little changed in March. The other separations level was little changed for total private and for government. Other separations increased in construction (+11,000). The number of other separations fell in the Northeast region.
Net Change in Employment
Large numbers of hires and separations occur every month throughout the business cycle. Net employment change results from the relationship between hires and separations. 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 69.3 million and separations totaled 66.6 million, yielding a net employment gain of 2.7 million. These totals include workers who may have been hired and separated more than once during the year.
Posted: May 7, 2019 Tuesday 10:00 AM