Economy lost 5.5 million jobs, federal statistics say

The number of job openings was little changed at 6.6 million on the last business day of December, the U.S. Bureau of Labor Statistics reported Monday as hires decreased to 5.5 million while total separations were little changed at 5.5 million.

Within separations, the quits rate and layoffs and discharges rate were little changed at 2.3% and 1.3%, respectively. This release includes estimates of the number and rate of job openings, hires and separations for the total nonfarm sector, by industry, and by four geographic regions.

On the last business day of December, the number and rate of job openings were little changed at 6.6 million and 4.5 percent, respectively. Job openings increased in professional and business services (+296,000). Job openings decreased in state and local government, excluding education (-65,000); arts, entertainment and recreation (-50,000); and nondurable goods manufacturing (-30,000).

The number of job openings was little changed in all four regions of the nation.

Over the year, the number of job openings (not seasonally adjusted) was little changed in December. Job openings decreased in a number of industries over the year with the largest decreases in state and local government, excluding education; arts, entertainment, and recreation; and information.

The job openings level increased in a number of industries over the year with the largest increases in professional and business services; nondurable goods manufacturing; and transportation, warehousing and utilities. The number of job openings increased in the South region.

In December, the number of hires decreased to 5.5 million (-396,000), and the hires rate decreased to 3.9%. Hires decreased in accommodation and food services (-221,000); transportation, warehousing and utilities (-133,000); and arts, entertainment and recreation (-82,000). Hires increased in retail trade (+94,000). The number of hires decreased in the South region.

Total separations includes quits, layoffs and discharges and other separations. Quits are generally voluntary separations initiated by the employee. Therefore, the quits rate can serve as a measure of workers’ willingness or ability to leave jobs. Layoffs and discharges are involuntary separations initiated by the employer. Other separations includes separations because of retirement, death, disability and transfers to other locations of the same firm.

In December, the number of total separations was little changed at 5.5 million, and the total separations rate was little changed at 3.8%. The total separations level decreased in federal government (-86,000). Total separations increased in arts, entertainment and recreation (+68,000). Total separations were little changed in all four regions.

Over the 12 months ending in December, hires totaled 70.2 million and separations totaled 75.7 million, yielding a net employment loss of 5.5 million. These totals include workers who may have been hired and separated more than once during the year.