Today, the U.S. Bureau of Labor Statistics released the Job Openings and Labor Turnover Survey (JOLTS) report for March. Here are the highlights.
There is little sign of cooling in what remains the greatest job seekers’ market of all time. Job openings rose to a record 11.5 million in March and hires ticked upwards to 6.7 million—both signs of intense demand for workers across the economy. Job openings are at series highs in the South, the private sector overall, mining, retail, professional and business services, and education, as well as for major enterprises with 5,000+ employees. The odds have tilted heavily in favor of job seekers, who are now finding 65% more job openings available before the pandemic, with 37% fewer unemployed job seekers per opening, on average. And despite predictions that the job market would soon normalize, with openings and quits returning to more typical levels, they have continued to ratchet upwards.
Top 10 Industries with the Highest Growth in Job Openings Since the Pandemic
|
Industry |
% Change in Job Openings, Feb. 2020–Mar. 2022 |
| Nondurable goods manufacturing | 132% |
| Durable goods manufacturing | 109% |
| Other services | 95% |
| Retail trade | 81% |
| Educational services | 80% |
| Accommodation and food services | 76% |
| Mining and logging | 67% |
| Professional and business services | 67% |
| Transportation, warehousing, and utilities | 60% |
| Arts, entertainment, and recreation | 54% |
Workers are leaving jobs for more attractive opportunities. The number of workers quitting their jobs each month hit a record-high 4.5 million in March. That number is up more than 30% since before the pandemic. Quits are at record highs in the South and West—as well as in construction, manufacturing, and leisure and hospitality, all of which are largely in-person industries from which workers are being lured away as remote opportunities expand in other parts of the economy. Quits also hit a new record in small businesses, which have been struggling to compete on compensation with larger businesses.
Top 10 Industries with the Highest Growth in Monthly Quits Since the Pandemic
| Industry | % Change in Monthly Quits, Feb. 2020–Mar. 2022 |
| Nondurable goods manufacturing | 118% |
| Durable goods manufacturing | 66% |
| Construction | 64% |
| State and local government education | 57% |
| Accommodation and food services | 38% |
| Retail trade | 36% |
| Mining and logging | 33% |
| Professional and business services | 28% |
| Other services | 23% |
| Transportation, warehousing, and utilities | 21% |
Recruitment and retention challenges linger on. The overall takeaway from the March JOLTS report is that the labor market remains extremely, unusually tight. Despite predictions that labor market dynamics would start to normalize in 2022, imbalances between labor supply and demand have only grown, putting extra pressure on businesses.