The U.S. Bureau of Labor Statistics has released its latest State Job Openings and Labor Turnover Summary providing insights into the job market across the nation. At RampedUp, we take a keen interest in job change activity and provide daily alerts to identify the individuals important to our customers.
Here are the key takeaways from the July 2024 report:
Job Openings
- Job openings rates decreased in 4 states and increased in 1 state.
- The largest decreases were observed in Minnesota (-1.3 percentage points), Massachusetts (-0.9 points), and New York (-0.9 points).
- Oklahoma saw the only increase, with a 0.7 percentage point rise.
- New York experienced the most significant drop in job openings (-91,000), followed by Minnesota (-41,000) and Massachusetts (-37,000).
Hiring Activity
- Hires rates increased in 4 states and decreased in 1 state.
- California and Michigan led the increases with 0.7 percentage point jumps each.
- Arkansas was the only state to see a decrease, with a 1.3 percentage point drop.
- California showed the largest increase in hires (+119,000), while Arkansas saw the only decrease (-19,000).
Separations and Quits
- Total separations rates increased in 11 states and decreased in 1 state.
- North Dakota had the largest increase in separations rate (+2.0 percentage points).
- Texas was the only state with a decrease in separations rate (-0.5 points).
- Florida led in increased separations (+74,000), while Texas saw the largest decrease (-65,000).
- Quits rates increased notably in Colorado, Florida, and Virginia.
Layoffs and Discharges
- Layoffs and discharges rates increased in 8 states and decreased in 1 state.
- North Dakota saw the largest increase (+1.6 percentage points), while Oklahoma had the only decrease (-0.5 points).
- Virginia, Pennsylvania, and Michigan experienced the largest increases in layoffs and discharges.
Overall, the national job market showed little change in job openings, hires, and total separations rates. However, individual states experienced varying trends, reflecting the diverse economic conditions across the country.