August 10, 2021
The number of job openings reached a record high of 10.1 million on the final business day of June, according to the U.S. Bureau of Labor Statistics. Total hires increased to 6.7 million, while total separations increased to 5.6 million. The quit rate climbed to 2.7 percent within separations. The rate of layoffs and discharges remained steady at 0.9 percent, maintaining the series low of previous month.
On the last business day of June, the number of job openings reached a series high of 10.1 million (+590,000). The percentage of job openings increased to 6.5%. Job vacancies grew in several industries, with professional and business services (+227,000), retail trade (+133,000), and accommodation and food services (+121,000) experiencing the greatest increases. The number of employment opportunities in the South region has risen.
The number and rate of hiring climbed to 6.7 million (+697,000) and 4.6% in June, respectively. Retail commerce (+291,000), state and local government education (+94,000), and durable goods manufacturing (+36,000) all saw increases in hiring. The number of people hired grew across the South and Midwest.
Total separations includes 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. Other separations includes separations due to retirement, death, disability, and transfers to other locations of the same firm.
Total separations increased to 5.6 million (+254,000) in June. The rate remained unchanged at 3.8 percent. Professional and business services (+124,000); durable goods manufacturing (+48,000); and state and local government, excluding education (+30,000) saw a rise in total separations. Total separations in state and local government education have diminished (-43,000). Total separations was little changed in all four regions.
In June, the number of people quitting and the rate of quitting rose to 3.9 million (+239,000) and 2.7 percent, respectively. Professional and business services (up 72,000), durable goods manufacturing (up 47,000), and state and local government, except education (up 33,000) also had increases in quits. Quits in state and local government education have declined (-26,000). The number of people quitting has grown in the South region.
The number of layoffs and discharges remained stable in June at 1.3 million, a series low. Layoffs and discharges were very stable across all four areas. Other separations climbed to 405,000 (+58,000) in June.
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