JOLTS Day Graphs: December 2022 Edition

Every month the U.S. Bureau of Labor Statistics releases data on hiring, firing, and other labor market flows from the Job Openings and Labor Turnover Survey, better known as JOLTS. Today, the BLS released the latest data for December 2022. This report doesn’t get as much attention as the monthly Employment Situation Report, but it contains useful information about the state of the U.S. labor market. Below are a few key graphs using data from the report.

The quits rate remained steady at 2.7 percent as 4.1 million workers quit their jobs in December 2022.

The vacancy yield decreased to 0.56 in December as job openings rose to 11.0 million and hires remained at 6.2 million.

The ratio of unemployed workers to job openings declined to 0.52 in December 2022 from 0.57 in November.

The Beveridge Curve continues to be in an elevated range compared to previous business cycles, as the unemployment rate declined to 3.5 percent and the rate of job openings rose to 6.7 percent.

The total number of quits remained steady in December. Quits rose in some industries, such as construction and education and health services, and fell in others, such as leisure and hospitality, and manufacturing, and trade, transportation, and utilities.