JOLTS Day Graphs: March 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 March 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 increased slightly to 3.0 percent as 4.5 million workers quit their jobs in March, an increase of 152,000 from the previous month.

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

With the number of job openings reaching a series high of 11.5 million and hires at 6.7 million, the vacancy yield decreased to 0.58 in March.

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

The ratio of unemployed-worker-per-job-opening declined from 0.55 unemployed workers per job opening in February to 0.52 in March.

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

The Beveridge Curve continues to be in an atypical range in March compared to previous business cycles, as the unemployment rate declined and job openings increased.

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

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