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Market Update - August 3, 2022

Here is an update on what has happened in the Job Market

 

JOLTS Report Shows Job Openings Drop to 10.7 million


The Labor Department creates the Job Openings and Labor Turnover Survey – the JOLTS Report – which tracks monthly changes in job openings as well as job offerings and “quits.”


Unlike other reports that track employment data, the JOLTS reporting period lags by a month, although it does provide additional color to the employment landscape.


On Tuesday, August 2nd , it was reported that the number of job openings decreased to 10.7 million on the last business day of June.


Hires and total separations were little changed at 6.4 million and 5.9 million, respectively. Within separations, quits (4.2 million) and layoffs and discharges (1.3 million) were little changed.


Job Openings


On the last business day of June, the number and rate of job openings decreased to 10.7 million (-605,000) and 6.6 percent, respectively. The largest decreases in job openings were in retail trade (-343,000), wholesale trade (-82,000), and in state and local government education (-62,000).


Hires


In June, the number and rate of hires were little changed at 6.4 million and 4.2 percent, respectively. Hires were little changed in all industries.


Separations


Total separations includes quits, layoffs and discharges, and other separations. 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.


In June, the number and rate of total separations were little changed at 5.9 million and 3.9 percent, respectively. Total separations were little changed in all industries


In June, the number of quits was little changed at 4.2 million. The rate was unchanged at 2.8 percent.


Quits decreased in construction (-51,000). Quits increased in state and local government education (+14,000).


In June, the number of layoffs and discharges was little changed at 1.3 million. The rate was unchanged at 0.9 percent. Layoffs and discharges decreased in wholesale trade (-26,000), finance and insurance (-25,000), and in federal government (-4,000).


The number of other separations was little changed in June at 367,000. Other separations decreased in real estate and rental and leasing (-9,000). Other separations increased in transportation, warehousing, and utilities (+9,000); durable goods manufacturing (+6,000); educational services (+3,000); and in federal government (+3,000).




More Data Later This Week


More economic data will be released later this week, including MBA Mortgage Applications on Wednesday; Jobless Claims on Thursday and Consumer Credit on Friday.


 

Sources: bls.gov



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