Key takeaways
– JOLTS (Job Openings and Labor Turnover Survey) is a monthly BLS survey that measures job openings, hires, and separations (quits, layoffs/discharges, and other separations). (BLS JOLTS overview)
– It surveys about 21,000 nonfarm business and government establishments and is benchmarked to the Current Employment Statistics (CES) payroll counts. (BLS JOLTS overview; JOLTS report form)
– The vacancies (openings) count measures labor demand; the quits rate is a useful indicator of worker confidence and mobility. JOLTS is released roughly one month after the monthly Employment Situation (jobs) report. (BLS schedule)
– JOLTS became a key data source during the “Great Resignation” (2021–2022) when quits and openings hit record highs; by spring 2023 quits and openings had eased but remained closely watched. (BLS JOLTS reports; Investopedia)
What JOLTS measures — the basic metrics
– Job openings: total unfilled positions at the end of the reference month (includes full-time, part-time, temporary). (BLS JOLTS definitions)
– Hires: number of employees newly hired during the month.
– Separations: the total number leaving employment during the month, split into:
– Quits (voluntary separations, excluding retirements)
– Layoffs and discharges (involuntary separations)
– Other separations (retirements, deaths, transfers to other locations, etc.)
– Rates: BLS reports both levels and rates (e.g., quits rate = quits divided by total employment) — rates are often easier to compare over time or across industries. (BLS JOLTS FAQs)
How JOLTS is collected and processed
– Sample: ~21,000 nonfarm establishments (private sector + government). Responses come from professionally trained field economists and survey forms. (BLS JOLTS overview; report form)
– Benchmarking and revisions: JOLTS employment estimates are ratio-adjusted monthly to the CES payroll employment series and revised annually along with CES. New businesses enter the sampling frame with about a one-year lag. Because of these adjustments, JOLTS levels are tied to CES payroll counts. (BLS JOLTS report)
– Timing: JOLTS data for a given month are released about four weeks after the BLS Employment Situation (jobs) report for that same month. Both seasonally adjusted and unadjusted series are published, and data can be broken down by industry, region, and employer size. (BLS schedule of releases)
Why analysts and policymakers use JOLTS
– Gauge labor demand: job openings show how many positions employers are trying to fill.
– Gauge worker confidence: the quits rate tends to rise when workers feel confident they can find better jobs.
– Measure turnover: hires and separations together show the pace of labor market churn.
– Complement the monthly jobs report: JOLTS adds detail on flows that the headline payroll and unemployment measures don’t show. (BLS; Investopedia)
JOLTS and the Great Resignation — key datapoints and interpretation
– Timeline and peaks:
– Quits rate fell to 1.6% in April 2020 (pandemic shock) then recovered to 2.4% by December 2020. (BLS JOLTS reports)
– Quits rate reached a series record 3.0% in November 2021 and again in March 2022; quits in March 2022 reached ~4.5 million (series high). Job openings hit 11.55 million in March 2022. (BLS March 2022 report)
– By April 2023, quits had fallen to ~3.8 million (2.4% quits rate) and openings had declined to ~10.1 million. These moves signaled easing but not a return to pre-pandemic normal. (BLS April 2023 report)
– Interpretations: some economists view the phenomenon mainly as the result of an unusually tight labor market (high openings, low unemployment) that enabled more voluntary moves; others emphasize changes in work preferences, working conditions, and retirement decisions. A persistently tight market increases employers’ competition for labor and can raise wage pressure and turnover. (Investopedia; Peterson Institute)
Limitations and cautions when using JOLTS
– Lag: JOLTS is released after the monthly jobs report, so it is a lagging/confirming indicator for the same reference month. (BLS schedule)
– Sampling and coverage: it uses an establishment (employer) sample and misses some aspects captured by household surveys (e.g., self-employment). New businesses take time to enter the sample. (BLS JOLTS overview)
– Benchmarking influences levels: because JOLTS is ratio-adjusted to CES employment counts, changes in CES can affect JOLTS levels across the board. (BLS JOLTS methodology)
– Seasonality and revisions: use seasonally adjusted series for month-to-month comparisons, and watch for annual revisions.
Practical steps — how to use JOLTS effectively
For researchers, analysts, and investors
1. Download the series from the BLS website or FRED for consistent data access and history. (BLS schedule; FRED)
2. Prefer rates over raw levels for trend analysis (e.g., quits rate, openings rate, hires rate).
3. Compare JOLTS to CES and the unemployment rate for a fuller picture: look at openings per unemployed worker, hires-to-openings ratios, and quit rates alongside wage growth.
4. Use industry and regional subseries to detect sectoral labor tightness (e.g., leisure & hospitality vs. manufacturing).
5. Account for timing: use JOLTS to confirm or deepen understanding of the monthly jobs report (not to anticipate it—JOLTS is released later).
6. Watch revisions: treat initial monthly JOLTS releases as provisional, since annual benchmarking can adjust history.
For employers and HR professionals
1. Monitor openings and hires trends in your industry and region to calibrate recruitment and retention strategies.
2. Track quits rates in your sector to anticipate turnover risk and adjust wages, benefits, or working conditions proactively.
3. Use hires-to-openings comparisons to assess recruitment effectiveness (if hires remain low relative to openings, consider recruitment channels or compensation competitiveness).
For jobseekers and career planners
1. Look at openings by industry/region to identify where demand is strongest (higher openings often mean more opportunities).
2. Use quits trends as a proxy for worker confidence—rising quits can mean greater mobility and bargaining power.
3. Combine JOLTS insights with wage trends and occupational data to decide when and where to change jobs.
For policymakers
1. Use openings and quits to assess labor market tightness and the likely persistence of wage pressure or inflationary risks.
2. Examine industry/region patterns to target workforce development and retraining policies.
3. Combine JOLTS with labor force participation and demographic data to design targeted labor supply interventions.
Quick checklist for interpreting a monthly JOLTS release
– Is the openings count or rate rising or falling, and in which industries?
– Is the quits rate moving? A rising quits rate often signals increased worker confidence.
– Are hires keeping pace with openings (hires-to-openings ratio)?
– How do JOLTS indicators compare with CES payroll growth, unemployment rate, and wage growth?
– Are changes broad-based or concentrated in a few sectors/regions?
Fast facts and context
– JOLTS collection began in 1999; publication of results started in 2002. (BLS JOLTS overview)
– Sample size: about 21,000 establishments. (BLS JOLTS overview)
– In March 2022, the U.S. saw a record quits count (~4.5 million) and record openings (~11.55 million). (BLS March 2022 report)
– JOLTS is released monthly, typically around the third week of the month following the reference month; the Employment Situation report is released earlier (first Friday). (BLS schedules)
The bottom line
JOLTS provides essential flow data (openings, hires, separations) that complement the monthly jobs and unemployment statistics. It is particularly valuable for understanding employer demand (openings) and worker behavior (quits) and for dissecting sectoral and regional labor dynamics. Used alongside CES, unemployment, participation, and wage data, JOLTS helps analysts, employers, workers, and policymakers read the strength and direction of the labor market.
Sources and further reading
– U.S. Bureau of Labor Statistics (BLS). Job Openings and Labor Turnover Survey (JOLTS) — Overview and data pages; monthly reports (e.g., Job Openings and Labor Turnover — April 2023; March 2022). https://www.bls.gov/jlt/
– BLS. Job Openings and Labor Turnover Report Form and FAQs (definitions and methodology). https://www.bls.gov/jlt/documentation.htm
– BLS. Schedule of Releases for the Job Openings and Labor Turnover Survey and for the Employment Situation. https://www.bls.gov/schedule/
– Federal Reserve Bank of St. Louis (FRED). Nonfarm Quits Rate; Total Nonfarm Payrolls; Labor Force Participation Rate (series for historical charts). https://fred.stlouisfed.org
– Investopedia. “Job Openings and Labor Turnover Survey (JOLTS).” https://www.investopedia.com/terms/j/jolts.asp
– Peterson Institute for International Economics. Analysis on quits and labor supply during the pandemic.
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