Market Updates
January Job Openings Eased but Still Hovered Near 11 Million, Record Quits In 2022
Brian Turner
08 Mar, 2023
New York City
The number of job openings declined slightly in January by 41,000 to 10.824 million from an upwardly revised 11.234 million in December, the JOLT survey from the U.S. Labor Department showed Wednesday.
Job openings in construction declined by 240,000, leisure and food services by 204,000 and insurance and financial services by 100,000 but rose in transportation, warehousing and utilities by 94,000 and nondurable goods manufacturing by 50,000.
Total hires in the month increased to 6.37 million, the largest total since August and separations were stable at 5.9 million. Quits within separations fell to 3.88 million and layoffs and discharges rose 16% or 241,000 to 1.7 million.
The JOLT data showed that 1.9 jobs were available per worker, slightly lower than in the previous months.
Record High Quits In 2022
In 2022, the annual average job openings level was 11.2 million, an increase of 1.2 million from 2021.
The annual average job openings rate was 6.8% in 2022, compared to 6.4% in 2021.
In 2022, there were 77.2 million hires, an increase of 1.2 million from 2021 and total separations increased 3.2 million in 2022 to 72.3 million.
Accounting for 70% of total separations, quits numbered 50.6 million in 2022, the highest annual level in the survey’s history dating back to 2001.
Layoffs and discharges increased by 461,000 in 2022 to 17.6 million and accounted for 24.3% of total separations.
Other separations decreased by 138,000 in 2022 to 4.1 million and accounted for 5.7% of total separations.
Annual Returns
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Earnings
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