Job Openings and Labor Turnover: February 2024

Historical release narrative reproduced from the official public-domain source. Statistical tables, standard technical appendices, administrative material and attendance rosters are omitted; formatting is adapted for reading. Figures retain the release's historical context and may have been revised. Consult the linked source for the complete document.

The number of job openings changed little at 8.8 million on the last business day of February, the U.S. Bureau of Labor Statistics reported today. Over the month, the number of hires and total separations were little changed at 5.8 million and 5.6 million, respectively. Within separations, quits (3.5 million) and layoffs and discharges (1.7 million) changed little. This release includes estimates of the number and rate of job openings, hires, and separations for the total nonfarm sector, by industry, and by establishment size class.

Job Openings

On the last business day of February, the number of job openings changed little at 8.8 million; this measure is down from a series high of 12.2 million in March 2022. The rate was 5.3 percent for the third month in a row. In February, job openings increased in finance and insurance (+126,000); state and local government, excluding education (+91,000); and arts, entertainment, and recreation (+51,000). Job openings decreased in information (-85,000) and in federal government (-21,000). (See table 1.)

Hires

In February, the number and rate of hires were little changed at 5.8 million and 3.7 percent, respectively. Hires decreased in durable goods manufacturing (-44,000). (See table 2.)

Separations

Total separations include quits, layoffs and discharges, and other separations. 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, disability, and transfers to other locations of the same firm.

The number of total separations in February changed little at 5.6 million. The rate was unchanged at 3.5 percent. Over the month, the number of total separations increased in arts, entertainment, and recreation (+64,000) but decreased in transportation, warehousing, and utilities (-62,000). (See table 3.)

In February, the number of quits was little changed at 3.5 million, and the rate was 2.2 percent for the fourth consecutive month. (See table 4.)

In February, the number and rate of layoffs and discharges changed little at 1.7 million and 1.1 percent, respectively. The number of layoffs and discharges increased in accommodation and food services (+67,000) and in arts, entertainment, and recreation (+57,000). (See table 5.)

The number of other separations was little changed in February at 351,000. (See table 6.)

Establishment Size Class

In February, establishments with 1 to 9 employees and establishments with 5,000 or more employees saw little change in their job openings rate, hires rate, and total separations rate. (See table 7.)

January 2024 Revisions

The number of job openings for January was revised down by 115,000 to 8.7 million, the number of hires was revised up by 11,000 to 5.7 million, and the number of total separations was revised up by 108,000 to 5.4 million. Within separations, the number of quits was revised up by 61,000 to 3.4 million and the number of layoffs and discharges was revised up by 24,000 to 1.6 million. (Monthly revisions result from additional reports received from businesses and government agencies since the last published estimates and from the recalculation of seasonal factors.)