December 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 October dropped to a rate of 5.996 million, down from September’s upward revision of 6.117 million (from 6.093 million). Total hires rose to a rate of 5.552 million while separations came it at 5.178 million. The quits rate and layoffs and discharges rate came in at 3.180 million and 1.631 million, respectively.
The separations rate is comprised of people quitting their jobs, getting laid off and other categories such as retirement. From September, the separations rate fell almost 1.3% suggesting that people are staying at their current jobs and companies are keeping more employees. This helps explain the reason job openings declined in October because people are keeping their jobs and not creating new openings. Businesses are also hiring more people which is another factor in the decline in job openings.