The job openings rate remained unchanged in May at 1.9 percent. In May, the job openings rate increased significantly in retail trade; the rate decreased significantly in accommodation and food services and state and local government. Since May 2008, the number of job openings has declined by 1.5 million, or 36 percent.
Over the 12 months ending in May, the job openings rate (not seasonally adjusted) fell significantly in the majority of industries. Federal government experienced a significant increase in the job openings rate. The job openings rate declined significantly in all four regions.
Hires
The hires level was little changed at 4.0 million in May. The hires rate was 3.0 percent in May. The hires rate declined significantly in retail trade but did not change significantly in the remaining industries. Regionally, the South experienced a significant decrease in the hires rate. The hires rate for the remaining regions did not change significantly.
Over the 12 months ending in May, the hires rate (not seasonally adjusted) increased significantly in federal government due to hiring of temporary workers for Census 2010. The hires level decreased significantly over the year for total nonfarm, falling by 829,000 or 16 percent since May 2008. Total private and many industries showed significant declines in the hires rate including mining and logging; durable goods manufacturing; real estate and rental and leasing; health care and social assistance; arts, entertainment, and recreation; accommodation and food services; and state and local government. Regionally, the hires rate dropped significantly over the past 12 months in the Midwest, South, and West. The rate did not change significantly in the Northeast.
Separations
Total separations includes quits (voluntary separations), layoffs and discharges (involuntary separations), and other separations (including retirements). The total separations, or turnover, rate (seasonally adjusted) decreased to 3.3 percent in May. The total separations rate (not seasonally adjusted) decreased significantly over the 12 months ending in May for total nonfarm, total private, and government.
The quits rate can serve as a measure of workers’ willingness or ability to change jobs. Although the rate was unchanged over the month at 1.3 percent in May, it remained at the lowest point in the 8-year series. Quits have fallen to 1.7 million, a decline of 904,000 or 34 percent since May 2008.
Over the 12 months ending in May, the quits rate (not seasonally adjusted) was significantly lower for total nonfarm, total private, and government. The majority of industries experienced a significant decline in the quits rate. The quits rate did not rise significantly over the past 12 months in any industry. The quits rate fell significantly over the past 12 months in all four regions.
The layoffs and discharges component of total separations is seasonally adjusted at the total nonfarm, total private, and government levels. Layoffs and discharges in May were 2.3 million for total nonfarm, 2.2 million for total private, and 121,000 for government, corresponding to layoffs and discharges rates of 1.7 percent, 2.0 percent, and 0.5 percent, respectively. The layoffs and discharges rate did not change significantly in May for total nonfarm, total private, or government.
Over the 12 months ending in May, the layoffs and discharges rate (not seasonally adjusted) rose significantly for total nonfarm, total private, and many industries including mining and logging; construction; durable goods manufacturing; wholesale trade; finance and insurance; and professional and business services. The rate
decreased significantly in health care and social assistance and arts, entertainment, and recreation. In the remaining industries, the
layoffs and discharges rate did not change significantly. The Midwest was the only region to experience a significant increase in the layoffs and discharges rate over the 12 months ending in May; the remaining regions did not change significantly.
The other separations series is not seasonally adjusted. In May, there were 287,000 other separations for total nonfarm, 242,000 for
total private, and 45,000 for government. Compared to May 2008, the number of other separations was little changed for total nonfarm,
total private, and government.
The total separations level is influenced by the relative contribution of its three components - quits, layoffs and discharges, and other separations. The percentage of total separations at the total nonfarm level attributable to the individual components has varied over time. The proportion of quits decreased from 59 percent in January 2008 to 38 percent in April 2009. Quits made up 40 percent of total separations in May 2009. The proportion of layoffs and discharges increased from 33 percent in August 2006 to 54 percent in April 2009. Layoffs and discharges made up 53 percent of total separations in May 2009.
Net Change in Employment
In each month from June 2008 to May 2009, separations exceeded hires. Over the 12 months ending in May, hires totaled 52.9 million and separations totaled 57.8 million yielding a net employment loss of 4.9 million.
