JOLTS above expectations in February

The number of job openings was little changed at 6.9 million on the last business day of February, the U.S. Bureau of Labor Statistics reported today. Over the month, hires and separations were little changed at 5.9 million and 5.6 million, respectively. Within separations, the quits rate was unchanged at 2.3 percent and the layoffs and discharges rate was little changed at 1.2 percent. This release includes estimates of the number and rate of job openings, hires, and separations for the total nonfarm sector, by industry, and by four geographic regions.

Job Openings

On the last business day of February, the job openings level was little changed at 6.9 million and the job openings rate was also little changed at 4.3 percent. Job openings decreased in real estate and rental and leasing (-30,000) and information (-29,000). The number of job openings was little changed in all four regions.

Hires

In February, the number of hires was little changed at 5.9 million while the rate was unchanged at 3.9 percent. The hires level increased in durable goods manufacturing (+29,000). The number of hires was little changed in all four regions.

Separations

Total separations includes quits, layoffs and discharges, and other separations. Total separations is referred to as turnover. 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 February, the number and rate of total separations were little changed at 5.6 million and 3.6 percent, respectively. The number of total separations edged up in government (+28,000). The total separations level decreased in professional and business services (-122,000) and real estate and rental and leasing (-20,000). The number of total separations was little changed in all four regions.

In February, the number of quits was little changed at 3.5 million while the rate was unchanged at 2.3 percent. Total private quits were little changed while the quits level edged up for government (+15,000). Quits decreased in real estate and rental and leasing (-27,000). The number of quits decreased in the South region.

The number and rate of layoffs and discharges were little changed in February at 1.8 million and 1.2 percent, respectively. The layoffs and discharges level increased in real estate and rental and leasing (+16,000) and federal government (+6,000). The number of layoffs and discharges was little changed in all four regions.

The number of other separations decreased in February (-80,000). Other separations decreased for total private (-79,000) and was unchanged for government. The largest decreases in other separations were in accommodation and food services (-19,000) and health care and social assistance (-17,000). The number of other separations decreased in the Northeast and West regions.