The Job Openings and Labor Turnover Survey (JOLTS) is a monthly report that looks at job openings, new hires, and people leaving their jobs in the US.
It is an essential economic indicator that provides insights into the labor market’s health and the overall economy.
What is Job Openings and Labor Turnover Survey (JOLTS)?
The Job Openings and Labor Turnover Survey (JOLTS) is a monthly report that measures job vacancies, hires, and separations in the United States.
The survey collects data from approximately 16,000 business establishments across various industries and regions. JOLTS provides a detailed picture of the labor market by tracking the number of job openings, the number of people hired, the number of employees who quit or were laid off, and other forms of labor turnover.
Why is Job Openings and Labor Turnover Survey (JOLTS) important?
JOLTS is considered a valuable economic indicator as it provides insights into the labor market’s dynamics, which can affect consumer spending, business investments, and overall economic growth.
- Job openings: A high number of job openings can signal a robust job market and increased demand for workers.
- Quits: A high number of quits may indicate workers’ confidence in finding better opportunities.
- Layoffs: A high number of layoffs can point to a weakening economy or struggling industries.
By analyzing JOLTS data, policymakers, economists, and investors can make informed decisions based on the labor market’s current conditions and trends.
Who publishes the Job Openings and Labor Turnover Survey (JOLTS)?
The JOLTS report is produced by the U.S. Bureau of Labor Statistics (BLS), a division of the Department of Labor.
The BLS is responsible for collecting, analyzing, and disseminating essential economic information related to the U.S. labor market.
The JOLTS survey is conducted using a sample of establishments across various industries, ensuring the report is representative of the broader labor market.
When is the Job Openings and Labor Turnover Survey (JOLTS) released?
The JOLTS report is typically released on a monthly basis, around the middle of the month following the reference month. For example, the report for January would be released in mid-February.
The BLS publishes the report on its website, making it easily accessible to the general public.
This frequent release allows for the tracking of trends and changes in the market, as well as the ability to identify potential turning points or emerging patterns that may impact the broader economy.