The latest Job Openings and Labor Turnover Survey from the Bureau of Labor Statistics shows the total number of job openings in the economy rose to 10.934 million in July, up from 10.185 million in June, and another new record high. The number of open positions in the private sector increased to 9.881 million in July, up from 9.226 million in June, also another new record high (see first chart).
The total job openings rate, openings divided by the sum of jobs plus openings, rose to a record 6.9 percent in July while the private-sector job-openings rate surged to a record 7.3 percent.
Private hires in July totaled 6.166 million versus 6.827 million in June. At the same time, the number of private-sector separations rose to 5.515 million in July, up from June’s 5.350 million. Within separations, private quits were 3.815 million (versus 3.713 million in June) and private layoffs were 1.399 million, up from 1.300 million in the prior month (see first chart).
The total separations rate rose to 3.9 percent from 3.8 percent in the prior month with the private sector experiencing a rate of 4.4 percent, up 0.1 percentage points from 4.3 percent in June. The private quits rate rose to 3.1 percent from 3.0 percent in June while the private layoffs rate was a very low 1.1 percent.