GMCS Summary Statement: Job openings in private sector retail, professional and
business services continue to grow while the construction industry experiences a
reduction in overall hiring. Employee turnover
remains steady.
JOB OPENINGS AND LABOR TURNOVER – FEBRUARY 2014
There were 4.2 million job openings on the last business day
of February, up from January, the U.S. Bureau of Labor Statistics reported
today. The hires rate (3.3 percent) and separations rate (3.2 percent) were
unchanged in February. This release includes estimates of the number and rate
of job openings, hires, and separations for the nonfarm sector by industry and
by geographic region.
Job Openings:
There were 4.2 million job openings in February, up from 3.9
million in January. The number of openings rose for total private and was
little changed for government. The number of job openings increased in retail
trade and in professional and business services, while the number of job
openings decreased in arts, entertainment, and recreation. The South region
experienced a rise in job openings in February.
The number of job openings (not seasonally adjusted)
increased over the year for total nonfarm and total private and was little
changed for government. Over the year, the number of job openings increased in three
industries and decreased in three industries. The Midwest and West regions
experienced an increase in the number of job openings over the 12 months ending
in February.
Hires:
There were 4.6 million hires in February, little changed
from January. The number of hires was essentially unchanged for total private
and government. The number of hires rose in February in retail trade and was
little changed in all four regions.
Over the 12 months ending in February, the number of hires
(not seasonally adjusted) changed little for total nonfarm, total private, and
government. Hires levels increased over
the year in educational services and decreased in construction and federal
government. The number of hires rose in the Midwest region.
Separations:
Total separations includes quits, layoffs and discharges,
and other separations. Total separations is referred to as turnover. Quits are
generally voluntary separations initiated by the employee. Therefore, the quits
rate can serve as a measure of workers’ willingness or ability to leave jobs.
Layoffs and discharges are involuntary separations initiated by the employer.
Other separations include separations due to retirement, death, and disability,
as well as transfers to other locations of the same firm.
There were 4.4 million total separations in February, little
changed from January. The number of total separations was essentially unchanged
for total private and government. (See table 3.)
In February, the quits rate was unchanged at 1.7 percent for
total nonfarm. The rate also was unchanged for total private (1.9 percent) and
government (0.6 percent). The quits rate was essentially unchanged over the
month in all industries and in all four regions. (See table 4.)
The number of quits (not seasonally adjusted) was little
changed over the 12 months ending in February for total nonfarm, total private,
and government. The number of quits was essentially unchanged in all industries
and in all four regions over the year.
The layoffs and discharges rate was unchanged in February at
1.2 percent. The rate was little changed over the month for total private (1.3
percent) and government (0.4 percent). The layoffs and discharges rate was
little changed in all four regions. Seasonally adjusted estimates of layoffs
and discharges are not available for individual industries.
The layoffs and discharges level (not seasonally adjusted)
was little changed over the 12 months ending in February for total nonfarm,
total private, and government. The number of layoffs and discharges fell over
the year in federal government. The number of layoffs and discharges was little
changed in all four regions.
In February, there were 383,000 other separations for total
nonfarm, little changed from January. The number of other separations also was
little changed over the month for total private and government. Seasonally adjusted estimates of other
separations are not available for individual industries or regions. Over the 12
months ending in February, the number of other separations (not seasonally
adjusted) increased for total nonfarm and total private and was little changed
for government.
Net Change in
Employment:
Large numbers of hires and separations occur every month
throughout the business cycle. Net employment change results from the
relationship between hires and separations. When the number of hires exceeds
the number of separations, employment rises, even if the hires level is steady
or declining.
Conversely, when the number of hires is less than the number
of separations, employment declines, even if the hires level is steady or
rising. Over the 12 months ending in February 2014, hires totaled 54.3 million
and separations totaled 52.2 million, yielding a net employment gain of 2.1
million. These figures include workers who may have been hired and separated
more than once during the year.
Complete data sets and tables are available on the Bureau of
Labor Statistics website and can be accessed by following the Source link
below.
Source: Bureau of Labor Statistics
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