U.S.: Job Openings Rate, by month
MonthJob openings rate,
in %
Jan 20245.3
Dec 20235.3
Nov 20235.4
Oct 20235.3
Sep 20235.6
Aug 20235.8
Jul 20235.4
Jun 20235.5
May 20235.8
Apr 20236.2
Mar 20235.9
Feb 20236.0
Jan 20236.3
Dec 20226.8
Nov 20226.4
Oct 20226.4
Sep 20226.5
Aug 20226.2
Jul 20226.8
Jun 20226.9
May 20227.0
Apr 20227.2
Mar 20227.4
Feb 20227.1
Jan 20227.1
  • Region: United States
  • Time period: Jan 2022 to Jan 2024
  • Published: Mar 2024

Data Analysis and Insights

Updated: Apr 2, 2024 | Published by: Statistico

Decline in Job Openings Rate

Job openings rate experienced a steady decline, moving from 7.2% in April 2022 to 5.3% by January 2024. This trend highlights a significant decrease in the availability of job openings over the analyzed period.

Highest and Lowest Rates

The highest job openings rate was 7.4% in March 2022, while the lowest was observed in January 2024 and December 2023, both at 5.3%. These points mark the extremes of job market volatility within the data set.

Yearly Trends in Job Openings

2022 began with a job openings rate of 7.1% in January and ended at 6.8% in December, reflecting a slight decrease. However, the more pronounced downward trend is visible when comparing the beginning of 2022 to the end of 2023, where rates dipped further to 5.3%.

Quarterly Analysis

The first quarter of 2022 recorded the highest average job openings rate at approximately 7.2%, indicating a period of robust job market activity. In contrast, the last quarter of 2023 showed the market cooling off, with an average rate of 5.3%, suggesting a contraction in available job openings.

Month-to-Month Volatility

Despite the overall downward trend, month-to-month changes in the job openings rate were relatively small, with most fluctuating within a range of 0.1% to 0.5%. This indicates a gradual adjustment rather than abrupt shifts in the job market.

Significance of the 6% Threshold

The data shows that job openings rates remained above 6% until October 2022, but after this point, rates consistently stayed below 6%. This could imply a significant shift in employer sentiment or economic conditions impacting the labor market's dynamism.

Seasonal Variations

Notably, the peak rates in job openings occur in the spring and summer months of 2022, with May through August showcasing rates of 7.0% and higher. A similar, albeit lower, peak is not observable in 2023, suggesting possible seasonal influences on job availability have become less pronounced.

Correlation with Economic Indicators

Given that job openings are a key economic indicator, the observed decrease from 7.2% in April 2022 to 5.3% by January 2024 might reflect broader economic trends such as slowing growth or increased labor market efficiency.

Frequently Asked Questions

What were the highest and lowest job openings rates?

The highest job openings rate was 7.4% in March 2022 while the lowest was 5.3% in January 2024 and December 2023.

Terms and Definitions

Job Openings Rate refers to the percentage of total job openings out of the total number of jobs available, both filled and unfilled. This rate is typically used to measure the health of a country's labor market, where a higher job openings rate often suggests a strong labor market.

A labor market refers to the supply of available workers and the demand for their services. It is the place where workers find paying work, employers find willing workers, and wage rates are determined.

An unfilled job refers to a position for which an employer is actively seeking a candidate. These jobs are considered vacant and are part of the job opening rate calculation.

A filled job refers to a position for which an employer has successfully hired an individual. Filled jobs are those that are currently occupied by employees.

A job opening refers to a vacant position at a business, organization, or company that actively seeks to hire a suitable candidate. The number of job openings can be an indicator of the labor market's strength.

The Bureau of Labor Statistics (BLS) is a governmental statistical agency that provides comprehensive labor market data. It is the principal federal agency responsible for measuring labor market activity, working conditions, and price changes in the economy.

The employment rate is the percentage of people in the labor force who are currently employed. This rate is often used as a measure of the overall health of the economy.
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