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.

Quits as a percent of total U.S. employment, 2001–2022. Recessions are shaded.

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

U.S. total nonfarm hires per total nonfarm job openings, 2001–2022. Recessions are shaded.

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

U.S. unemployed workers per total nonfarm job opening, 2001–2022. Recessions are shaded.

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 relationship between the U.S. unemployment rate and the job openings rate, 2001–2022.

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.

Quits by selected major U.S. industry, indexed to job openings in February 2020. Coronavirus recession shaded.
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