The latest Job Openings and Labor Turnover data from the Bureau of Labor Statistics included some interesting takeaways, with implications for businesses of all types.
According to the numbers, few employers are hiring, and many workers are leaving their jobs, some voluntarily, some otherwise, though it appears primarily otherwise. Take a look at this chart:
Thumbing through the report, you’ll find some interesting industry-specific numbers.
First, turnover looks to be high in the construction industry. That sector has the highest separation rate (defined as the number of people who left their jobs, whether voluntarily or involuntarily, as a percent of total employment) at 7.5 percent, and also has the highest hiring rate of all sectors at 5.8 percent, both on a seasonally adjusted basis.
The numbers for the overall economy, by comparison, were 3.6 percent and 3.1 percent, respectively.
The government, not surprisingly, has the lowest separation and hiring rates, both at 1.2 percent, as well as the lowest quits rate. In the government, just 0.5 percent of jobs resulted in a quit in the month of March.
The quitting rate was highest for accommodation and food services, where 3.6 percent of jobs resulted in a person’s quitting. The rate was 1.4 percent for payrolls overall.