Wednesday, August 17, 2022

Job openings and quit numbers turn positive in June for Georgia as layoffs and discharges decline

The number of job openings posted in Georgia rebounded in June, rising by 51,000, according to new information from the U.S. Bureau of Labor Statistics. The number of job openings for May was revised up to 376,000 from a preliminary count of 367,000

Job openings totaled 427,000 compared to 368,000 recorded a year ago, an increase of 9.3%. The job openings rate rose to 8.2 in June, up from a revised 7.3 in May.

The number of hires were statistically unchanged over the month and over the past year.

While the total number of separations were virtually unchanged over the month, the number of people choosing to leave their positions rose while the number of layoffs and discharges declined.

Quits rose by 27,000 in June to a total of 211,000, the same number of quits posted in June of 2021. The quit rate in June came in at 4.4, up from 3.8 in May but below the 4.6 rate recorded the prior year.

Layoffs and discharges declined by 24,000 in June to a level of 42,000 in the month. The layoffs and discharges rate dropped from 1.4 in May to 0.9 in June. The number of layoffs and discharges occurring over the month was the lowest level recorded since May 2019.

Over the past 12 months, the number of layoffs and discharges in the state have declined by 21,000.

The increase in job openings can be taken as a proxy for increasing business optimism, while the number of quits can be a proxy for increased optimism among employees who feel more confident about finding another position. 

Companies seeing better business conditions in the state along with an increasing number of employees leaving their jobs voluntarily is resulting in less need for layoffs and discharges and generally reflect more robust economic conditions in Georgia. 

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