Job Openings And Labor Turnover Survey (Jolts)

Published Oct 25, 2023

Definition of Job Openings and Labor Turnover Survey (JOLTS)

The Job Openings and Labor Turnover Survey (JOLTS) is a monthly survey conducted by the U.S. Bureau of Labor Statistics (BLS). It provides information on job openings, hires, separations, and other labor market indicators in the United States. The JOLTS survey collects data from a representative sample of non-farm establishments, covering various industries and regions across the country.

Example

To understand how the JOLTS survey works, let’s consider a hypothetical scenario. Imagine a manufacturing company that recently expanded its operations and needs to hire additional workers. The company advertises job openings through various channels, such as online job boards, newspapers, and recruitment agencies.

During the survey period, the JOLTS survey team contacts the company and asks about the number of job openings they have, along with details about the skills and qualifications required for each position. The company provides this information, indicating the number of vacant positions they currently have and the types of skills they are looking for in potential candidates.

The survey also collects data on hires and separations. In this case, the company reports the number of employees they have hired during the survey period and the reasons for separations, such as resignations, retirements, or terminations.

Based on the information collected from the participating establishments, the BLS compiles and publishes the JOLTS report. This report provides insights into the overall labor market conditions, including trends in job openings, hiring rates, and employee turnover.

Why Job Openings and Labor Turnover Survey (JOLTS) Matters

The JOLTS survey is essential for policymakers, economists, businesses, and job seekers alike. It provides valuable information about labor market dynamics, helping policymakers make informed decisions about economic policies and interventions. The survey also helps economists analyze trends and patterns in job openings, hires, and separations, providing insights into the health and stability of the labor market.

For businesses, the JOLTS data can be used for workforce planning and strategic decision-making. By understanding the trends in job openings and labor turnover, companies can assess the competitiveness of their recruitment strategies and adjust their hiring plans accordingly.

Job seekers also benefit from the JOLTS data, as it provides insights into which industries or occupations have a higher demand for workers. This information can help job seekers tailor their job search strategies and focus on sectors with more job opportunities.

Overall, the JOLTS survey serves as a crucial source of information for assessing the state of the labor market, guiding policy decisions, and aiding businesses and job seekers in making informed choices.