Unpacking the June 2023 JOLTs Report: Key Trends and Takeaways in the U.S. Job Market
The U.S. Bureau of Labor Statistics' latest Job Openings and Labor Turnover Summary (JOLTs) report, released in August 2023, provides a wealth of data on the current state of the job market. Here, we delve into the key trends and takeaways from the June 2023 report.
Job Openings: The total number of job openings decreased from 10.96 million in June 2022 to 9.58 million in June 2023. This suggests a decrease in the demand for labor over the year. The job openings have seen a slight decrease across most industries compared to 2022.
Industry-Specific Trends: There was an increase in job openings in the healthcare and social assistance sector and state and local government (excluding education). Conversely, job openings decreased in transportation, warehousing, and utilities, as well as in state and local government education and the federal government.
Regional Differences: The Northeast and West regions saw an increase in job openings, while the South and Midwest experienced a decrease.
Hires: The hiring rates have remained relatively stable across most industries, with a slight increase in the construction sector. The South region leads in hiring rates, followed by the West, Midwest, and Northeast.
Total Separations: Total separations, which include quits, layoffs, discharges, and other separations, have slightly increased in the construction and professional and business services sectors. The South region has the highest total separations rate, while the Northeast has the lowest.
Quits: The quit rates have remained relatively stable across most industries, with a slight increase in the construction sector. The South region has the highest quit rate, while the Northeast has the lowest.
Layoffs and Discharges: Layoffs and discharges have slightly increased in the construction and professional and business services sectors. The South region has the highest rate of layoffs and discharges, while the Northeast has the lowest.
Other Separations: Other separations have slightly increased in the construction and professional and business services sectors. The South region has the highest rate of other separations, while the Northeast has the lowest.
Establishment Size Class: For establishments of different sizes, the trends are similar. Larger establishments (1000 to 4999 employees) have seen a slight decrease in job openings, hires, and total separations. Smaller establishments (1 to 9 employees) have seen a slight increase in job openings and hires but a decrease in total separations.
In conclusion, the job market in 2023 is slightly less active compared to 2022, with fewer job openings and a stable hiring rate. The South region leads in job openings, hires, and separations, while the Northeast region has the lowest rates. The trends vary by industry, with construction and professional and business services seeing an increase in separations.
