| Consensus | Consensus Range | Actual | Previous | Revised | |
|---|---|---|---|---|---|
| Job Openings | 10.2M | 9.5M to 10.3M | 11.012M | 10.458M | 10.440M |
Highlights
Data on job openings and labor turnover (JOLTS) see a rise of 572,000 to 11.012 million in the level of job openings, up from a downward revision to 10.440 million in November. The level is above the consensus of 10.2 million in an Econoday survey. The job openings rate is up 3 tenths to 6.7 in December after 6.4 in November. The number of job openings is the highest since 11.170 million in July and the rate is the highest since 6.8, also in July.
Jobs remained plentiful through the end of 2022 and the pace of hiring picked up as well. Total hires rose 131,000 to 6.165 million in December after a downward revision to 6.034 million in November. The hires rate is up a tenth to 4.0 in December from November. With layoff activity up, some businesses are finding the supply of workers with the right skills and filling some of those open spots.
Total separations rose 59,000 to 5.890 million in December after a downward revision to 5.831 million in November. The separations rate is up a tenth to 5.9 in December from the prior month. Layoffs are up 50,000 to 1.468 million in December with a rate up a tenth to 1.0. The total number of voluntary job quits a subset of separations is down 15,000 to 4.087 million in December from November, while the quits rate is unchanged at 2.7. Fewer quits likely mean that workers are starting to see less advantage in changing jobs with less churn. More layoffs will bring workers on to the market to fill some of those open jobs. Nonetheless, in December, the JOLTS data signal the labor market remains tight.
Jobs remained plentiful through the end of 2022 and the pace of hiring picked up as well. Total hires rose 131,000 to 6.165 million in December after a downward revision to 6.034 million in November. The hires rate is up a tenth to 4.0 in December from November. With layoff activity up, some businesses are finding the supply of workers with the right skills and filling some of those open spots.
Total separations rose 59,000 to 5.890 million in December after a downward revision to 5.831 million in November. The separations rate is up a tenth to 5.9 in December from the prior month. Layoffs are up 50,000 to 1.468 million in December with a rate up a tenth to 1.0. The total number of voluntary job quits a subset of separations is down 15,000 to 4.087 million in December from November, while the quits rate is unchanged at 2.7. Fewer quits likely mean that workers are starting to see less advantage in changing jobs with less churn. More layoffs will bring workers on to the market to fill some of those open jobs. Nonetheless, in December, the JOLTS data signal the labor market remains tight.
Market Consensus Before Announcement
Job openings, which have been steady to lower, are expected to fall to 10.2 million in December versus 10.458 million in November.
Definition
The Labor Department's JOLTS report tracks monthly change in job openings and offers rates on hiring and quits. The reporting period lags other employment data including the employment situation report. The word JOLTS stands for Job Openings and Labor Turnover Survey.
Description
Although lagging the release timing of the employment situation report by a month, JOLTS provides additional information on the labor market. The payroll survey in the employment situation report provides numbers on net job changes. JOLTS breaks down labor market data into pre-net changes such as job openings, hires, and separations.
