July 11, 2017 – The JOLTs report is the Job Openings and Labor Turnover Survey that tracks several trends in evaluating the labor market. Through JOLTs we are able to see voluntary and involuntary separations from employment in addition to new job openings and hires that have taken place.
Job openings in May fell to a rate of 5.666 million, down from April’s downwardly revised rate of 5.967 million, (from 6.044 million). Total hires came in at a rate of 5.472 million while quits came in at 3.221 million, with the hires rate at 3.7% and quits rate at 2.2%. The total private industry showed an increase of 423,000 hires as well as an increase in quits of 245,000.
The large increase in hires in May means fewer job openings are available, in return, lowering the openings number. This is a good indicator that people are getting hired and filling the demand for jobs. The small increase in quit rates signals that people are still confident they can find a job when they leave their current one. Layoffs & discharges as well as the quits are a contributing factor to the increase in hires due to the vacant position left open at the previous job.