Understanding the Job Openings and Labor Turnover Survey (JOLTS)
The Job Openings and Labor Turnover Survey (JOLTS) is a comprehensive monthly report published by the U.S. Bureau of Labor Statistics (BLS) that evaluates job vacancies and separations, including those who voluntarily quit their positions.
BLS surveys over 20,000 businesses and government offices to estimate U.S. job vacancies, hires, and separations included in the monthly jobs report. These separations are categorized as total separations, quits, layoffs and discharges, and other separations such as deaths and retirements.
Job vacancies are a key indicator of labor demand, while the quits rate helps measure labor turnovers. JOLTS supports the BLS monthly job report, which provides data on U.S. payroll numbers and the unemployment rate. JOLTS data is released about a month after the monthly jobs report for the same reference period.
Key Takeaways
- JOLTS: Monthly survey by the BLS detailing U.S. job vacancies, hiring, and job separations.
- Labor Demand and Turnover: Job vacancies gauge labor demand, while the number of quits measure labor force turnover.
- Job Vacancies: Positions available within 30 days and actively being filled by employers, including part-time and temporary jobs.
- Trends in March 2022: JOLTS reported record highs for job openings and voluntary separations amidst the “The Great Resignation.”
Detailed Insights on JOLTS
JOLTS data is published monthly, both seasonally adjusted and unadjusted, categorized by region, industry, and workforce size. The BLS compiles this data from a representative sample of 21,000 nonfarm business and government employers.
Job openings include all unfilled positions at the end of the reference month if they meet these criteria:
- A position exists with available work.
- The job can start within 30 days.
- The employer is actively recruiting outside candidates.
JOLTS estimates are benchmarked and adjusted monthly to align with the Current Employment Statistics (CES) survey. Annual revisions are conducted to balance with CES data, and new businesses are incorporated generally a year after being recorded in the government database for JOLTS sample selection. JOLTS data collection began in 1999 with public releases starting in 2002.
JOLTS and The Great Resignation
The Great Resignation, which started in 2021 post-COVID-19 pandemic, led to an increased quits rate and voluntary separations. The quits rate surged from a pandemic low of 1.6% in April 2020 to record heights in 2021 and 2022, signaling robust labor market activity as the economy recovered.
By March 2022, voluntary job separations reached 4.5 million and job openings hit an all-time high of 11.55 million. However, while nonfarm employment recovered to 99% of its pre-pandemic level, the labor force participation rate lagged behind.
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Related Terms: US Employment Situation Report, unemployment rate, labor force participation rate, Great Resignation.
References
- U.S. Bureau of Labor Statistics. “Job Openings and Labor Turnover – April 2023”, Page 2.
- U.S. Bureau of Labor Statistics. “Job Openings and Labor Turnover Survey: Overview”.
- National Center for Education Statistics. “Evaluating Estimates of Labor Demand and Turnover”.
- Bureau of Labor Statistics. “Schedule of Releases for the Job Openings and Labor Turnover Survey”.
- U.S. Bureau of Labor Statistics. “Schedule of Releases for the Employment Situation”.
- U.S. Bureau of Labor Statistics. “Job Openings and Labor Turnover – April 2023”, Page 6.
- U.S. Bureau of Labor Statistics. “Job Openings and Labor Turnover Report Form”.
- Bureau of Labor Statistics. “Job Openings and Labor Turnover Survey FAQs - Data Definitions”.
- National Center for Education Statistics. “Evaluating Estimates of Labor Demand and Turnover”, Page 1.
- FRED, Federal Reserve Bank of St. Louis. “Nonfarm Quits Rate”.
- Bureau of Labor Statistics. “Job Openings and Labor Turnover – March 2022”, Page 11.
- Bureau of Labor Statistics. “Job Openings and Labor Turnover – March 2022”, Page 8.
- Peterson Institute for International Economics. “US Workers Are Quitting Jobs at Historic Rates, and Many Unemployed Are Not Coming Back Despite Record Job Openings”.
- FRED, Federal Reserve Bank of St. Louis. “Total Nonfarm Payrolls”.
- FRED, Federal Reserve Bank of St. Louis. “Labor Force Participation Rate”.
- CNBC. “The ‘great resignation’ has become the ‘big stay,’ says economist: How Gen Z, millennials can benefit”.
