Article Attachment

The attached file contains this articles commentary as well as tables and charts of the data.
Download Attachment

JOLTs: Openings Fell, Quit Rate Hit Record

January 4, 2022
Bottom Line:  Job openings were back below 11 million as hiring momentum continued to slow in November, according to the Bureau of Labor Statistics' Job Openings & Labor Turnover Survey. The quit rate jumped again, hitting a record 3%, as total separations increased to 6.3 million, with the layoffs and discharge rate unchanged at 0.9%. The decline in job openings was driven by the accommodation and food services sector and construction, where employers were likely struggling to determine the impact of the omicron variant on their hiring needs.
While lagged relative to other reports, the JOLTS revealed details about the labor market recovery that continued to point to a tight market. Overall, employers continue to struggle to find workers with the right skills. Workers willing and able to work remain very selective. And those already employed feel more emboldened to quit with their prospects to find new, likely higher-paying jobs, better than at any point in the last decade-plus.
Job Openings FELL by 529k in November to 10.562 million, compared with market expectations for an increase to 11.079 million. Government job openings ROSE by 44k. Consequently, private-sector job openings FELL by 572k. Over the past 12 months, there were 3,796k more job openings.
Job Hires
ROSE by 191k in November to 6.697 million. Over the past 12 months, there were 678k more job hires. Job Separations ROSE by 382k in November to 6.273 million. Over the past 12 months, there were 529k more job separations.
The Hires to Job openings ratio
ROSE by 0.047 points from 0.587 to 0.634 and is modestly below its 12 month average of 0.663. The Number of Unemployed to Job openings ratio FELL by 0.02 points from 0.67 to 0.65 and is sharply below its 12 month average of 1.01.