October 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 August fell to a rate of 6.082 million, up from July’s downwardly revised rate of 6.140 million (from 6.170 million). Total hires fell to a rate of 5.430 million while separations came it at 5.228 million. The quits rate and layoffs and discharges rate came in a 2.1% and 1.2%, respectively.
When the hires rate surpasses the separations rate, an increase in employment occurs. Despite the lower job openings rate in August, the other components of the JOLTs report fell at a similar rate. Increases in quits does not necessarily mean a bad thing; it could be from workers leaving their job to find a better one. Since August’s report shows alike movement in all categories, it indicates the economy is steadily matching jobs with people who want them. Over the course of the past 12 months, net employment has experienced a gain of 2.1 million workers.