The Omicron variant of the coronavirus has disrupted business and kept millions of people home from work. But in December, at least, it did little to cool off the red-hot job market. Openings rose to 10.9 million from 10.8 million in the last month of 2021, according to Job Openings and Labor Turnover Survey data published by the Bureau of Labor Statistics.
In December, the number and rate of layoffs and discharges were little changed at 1.2 million and 0.8 percent, respectively; both series lows – a sign that workers now have more job security than ever before.
Source: U.S. Bureau of Labor Statistics, Current Employment Statistics and Job Openings and Labor Turnover Survey (JOLTS), Jan. 2000-Dec. 2021
Net Change in Employment
Large numbers of hires and separations occur every month throughout the business cycle. Net employment change results from the relationship between hires and separations. When the number of hires exceeds the number of separations, employment rises, even if the hires level is steady or declining. Conversely, when the number of hires is less than the number of separations, employment declines, even if the hires level is steady or rising. Over the 12 months ending in December 2021, hires totaled 75.3 million and separations totaled 68.9 million, yielding a net employment gain of 6.4 million. These totals include workers who may have been hired and separated more than once during the year.
Top 5 Industries with Largest Increases in Job Openings Since Pre-Covid February, 2020
- +149.67% Nondurable goods manufacturing
- +119.23% Other services
- +91.67% Mining and logging
- +90.08% Durable goods manufacturing
- +89.96% Accommodation and food services
