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Job Openings and Labor Turnover
The job openings rate was unchanged in March at 2.6 percent, while the hires and total separations rates were little changed at 3.7 and 3.3 percent, respectively, the Bureau of Labor Statistics of the U.S. Department of Labor reported today. This release includes estimates of the number and rate of job openings, hires, and separations for the total nonfarm sector by industry and geographic region.
Job Openings — On the last business day of March 2005, there were 3.6 million job openings in the United States, and the job openings rate was 2.6 percent. The job openings rate was unchanged in March but has generally trended upward since September 2003. In March, the job openings rate changed significantly only for the government sector, where the rate fell slightly. The job openings rate did not change significantly in any of the regions.
Hires and Separations — The hires rate (the number of hires during the month divided by employment) was 3.7 percent in March, essentially unchanged from a month earlier. Hires are any additions to the payroll during the month. None of the industries or regions had significant changes in their hires rates from February to March.
The total separations, or turnover, rate (the total number of separations during the month divided by employment) was 3.3 percent in March, little changed from February. Separations are terminations of employment that occur at any time during the month. The total separations rate fell in construction and rose in professional and business services and in the Midwest region in March.
Total separations include quits (voluntary separations), layoffs and discharges (involuntary separations), and other separations (including retirements). The quits rate, which can serve as a barometer of workers' ability to change jobs, increased to 1.9 percent in March. The quits rate rose in March for private industries overall; for the trade, transportation, and utilities industry; and for the Northeast and Midwest regions. The other two components of total separations, layoffs and discharges and other separations, are not seasonally adjusted. From March 2004 to March 2005, the layoffs and discharges rate (1.0 percent) was little changed and the other separations rate (0.2 percent) was unchanged.
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