Job Openings and Labor Turnover Survey as of August 2023

The percentage changes from previous year for The Job Opening and Labor Turnover Survey (JOLTS) for August 2023 are as follows:

• Job openings: Total nonfarm: -5.77%
• Total private: -6.77%
• Manufacturing: -25.96%
• Professional and business services: +3.41%
• Leisure and hospitality: -16.23%
• Hires: Total nonfarm: -9.59%
• Total separations: Total nonfarm: -9.10%
• Quits: Total nonfarm: -14.24%
• Total private: -16.13%
• Layoffs and discharges: Total nonfarm: -3.26%
• Total private: -3.58%

As you can see, job openings and hires declined from the previous year in August 2023, while quits and total separations remained relatively unchanged. This suggests that the labor market is starting to cool, as employers are becoming more cautious about hiring and workers are more likely to stay in their current jobs.

The sharpest decline in job openings was in the manufacturing sector, which is likely due to a number of factors, including supply chain disruptions and the weakening global economy. However, the professional and business services sector continues to experience strong job growth.

The decline in quits is likely due to a combination of factors, including rising interest rates, inflation, and the ongoing war in Ukraine. However, the fact that quits are still near record highs suggests that workers have good options and are feeling confident about their ability to find new jobs.

Overall, the JOLTS report for August 2023 shows that the labor market is starting to cool, but it remains relatively tight. Employers are still struggling to find workers, but they are becoming more cautious about hiring.

Source:https://www.bls.gov/jlt/