Virginia set a record low for the number of unemployed workers per job opening, according to the U.S. Bureau of Labor Statistics March 2022 Job Openings and Labor Turnover Survey.
JOLTS data provides information on all pieces that go into the net change in the number of jobs. These components include job openings, hires, layoffs, voluntary quits, and other job separations (which includes retirements and worker deaths).
Putting those components together reveals the overall change in payroll employment. JOLTS data is seasonally adjusted and describes conditions on the last business day of the month. Current month’s data are preliminary and the prior month’s data have been revised.
The number of March 2022 job openings in Virginia was an 11,000 increase from February’s 2022’s revised figure of 199,000, but was 26,000 lower than last September’s record high. The number of U.S. job openings was little changed at 11.5 million, the highest level in the history of the series which began in December 2000.
Nationwide, job openings rose in several industries with the largest percentage increases in retail trade, information, and financial activities. The largest percentage decline occurred in government, led by state and local government education. Job openings increased in the South region. The Virginia job openings rate (job openings as a percentage of total employment) rose by 0.3 of a percentage point to 7.2 percent in March but was significantly lower than the series high of 7.9 percent set in September 2021.
In March, the job openings rate nationwide increased in establishments with 50 to 249 employees and establishments with 250 to 999 employees. The job openings rate decreased in establishments with 10 to 49 employees.
The number of hires in Virginia increased slightly by 3,000 to 182,000 in March and was 23,000, or 14 percent, higher compared to March 2021. JOLTS defines hires as all additions to the payroll during the month. The series low of 77,000 was set in April 2020, while the high of 265,000 was set in June of that year. Nationwide, the number of hires was little changed at 6.7 million.
The largest percentage increases in U.S. hiring occurred in information and arts, entertainment, and recreation. Financial services posted the largest percentage fall over the month.
Compared to March 2018, U.S. hires were up nearly 20 percent, led by manufacturing with 42 percent growth. The number of hires stood at 6.7 million, which was lower than its peak of 8.1 million set in May 2020. In Virginia, the hires rate rose a tenth of a percentage point over the month to 4.7 percent. That rate is elevated compared to typical levels seen over the past two decades.
An estimated 108,000 workers quit jobs from Virginia employers in March. The number of quits rose by 13,000 from February’s revised figure of 95,000 and was 17 percent higher than a year earlier. However, it was down significantly from the record-breaking month of December 2021 when 131,000 Virginia workers quit their jobs.
Quits, a component of total separations, are voluntary separations initiated by the employee. Across the U.S. in March, the number of quits edged up to a series high of 4.5 million (+152,000). They increased in professional and business services (+88,000) and construction (+69,000). Quits in construction rose by 30 percent over the year and by over 50 percent over five years. The number of quits can be seen as a leading indicator of wage trends in that it includes workers who quit to move to another job.
The quits rate nationwide was little changed at 3.0 percent. However, it significantly increased in Arizona, Florida, and Utah while significantly decreasing in New Hampshire, North Dakota, and Ohio. The quits rate in the Commonwealth rose by 0.3 of a percentage point to 2.7 percent and remained at the highly elevated levels seen during 2021.
The hires-per-job-openings ratio held steady at 0.6 in March in Virginia, equaling the rate nationwide. This measure shows the rate of hiring compared to open jobs and is a proxy for time to fill positions. Nationwide, the spring of 2022 has shown decreasing hiring per job opening in nearly every major industry sector.
Over five years, the ability to hire for job openings has fallen by nearly a third. Durable goods manufacturing and construction saw a steeper decline while arts, entertainment, and recreation saw a 60 percent decline, driven by much greater numbers of job openings compared to five years earlier.
Share
Contributors
