JOLTS Day Graphs: March 2023 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 2023. 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 declined slightly to 2.5 percent as 3.9 million workers quit their jobs in March 2023.

The vacancy yield increased in March as job openings fell to 9.6 million and hires declined slightly to 6.1 million.

The ratio of unemployed workers to job openings did not change dramatically in March, as both unemployment and job openings ticked down.

The Beveridge Curve moved downward and to the left in March, as the unemployment rate and rate of job openings both declined.

The number of job openings decreased by 384,000 in March, including continued declines in sectors such as education and health services, manufacturing, and trade, transportation, and utilities.