Job openings and quits reach record highs in 2021, layoffs and discharges fall to record lows
Rick Penn, Eric Nezamis
Abstract
Estimates from the Job Openings and Labor Turnover Survey (JOLTS) highlighted large increases in job openings and quits throughout 2021. Job openings reached a series high in December 2021 of 11.4 million, and quits reached a series high in November of 4.5 million. By contrast, layoffs and discharges trended lower throughout 2021, reaching a series low of 1.3 million in December. The series lows followed the large increase in layoffs and discharges that occurred at the onset of the COVID-19 pandemic, when this measure reached a series high of 13.0 million in March 2020. The movement in these JOLTS estimates signaled a stronger demand for labor in 2021, following the February–April 2020 pandemic-induced recession.
Topics & Concepts
Coronavirus disease 2019 (COVID-19)RecessionSevere acute respiratory syndrome coronavirus 2 (SARS-CoV-2)Great recessionJob lossPandemicLabour economicsMedicineEconomicsUnemploymentKeynesian economicsEconomic growthInfectious disease (medical specialty)PathologyDiseaseEmployment and Welfare StudiesCOVID-19 Pandemic ImpactsRetirement, Disability, and Employment