JOLTS Day Graphs: July 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 July 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 decreased slightly from 2.8 percent to 2.7 percent, but remains above historical norms for economic expansions.

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

The vacancy yield has plateaued in recent months at low levels of hires per job opening, with each indicator holding steady in July.

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

The ratio of unemployed workers per job opening remains well below 1-to-1, decreasing from 0.53 in June 2022 to 0.50 in July 2022.

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

The Beveridge Curve reflects the higher-than-typical job openings rate of 6.9 percent, compared to the low unemployment rate of 3.5 percent.

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

Quits are particularly elevated, compared to their pre-pandemic levels, in manufacturing and construction, among other industries.

Job openings by selected major U.S. industries, indexed to job openings in February 2020
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