June 04, 2024
According to the latest release of the state Job Openings and Labor Turnover Survey (JOLTS) Michigan’s rates of job openings, labor turnover, hires, and quits all increased in March. Layoffs/discharges remained unchanged while the unemployed persons to job openings ratio declined from February to March.
Michigan recorded approximately 9,000 more job openings in March (246,000) than in February (237,000). Subsequently, the job openings rate crept up to 5.2 percent, a 0.2 percentage point rise from the month prior. Michigan inched above the national rate (5.1 percent) and was the 27th highest among other states, a notable jump from 40th in the previous month.
The unemployed persons to job openings ratio fell from 0.84 to 0.79. This indicated that there were approximately seven available individuals per ten job openings in March. Michigan was above the national ratio (0.76) and had the tenth highest ratio of all other states.
Source: Job Openings and Labor Turnover Survey, U.S. Bureau of Labor Statistics
Though still below the national labor turnover rate (6.8 percent), Michigan’s turnover rate grew by 0.4 percentage points to 6.7 percent in March. This was driven by an increase in both hires and separations, the two components which are combined to measure labor turnover. Despite this increase, Michigan continued to rank near the bottom of states, recording the 12th lowest in labor turnover rate in March.
The hires rate increased marginally, moving from 3.3 percent in February to 3.4 percent in March. This was reflected in approximately 7,000 more hires. Michigan was ranked the 14th lowest among other states and was slightly below the national rate (3.5 percent).
Separations were up in March, moving 0.2 percentage points to 3.2 percent. This indicated that approximately 9,000 less employees separated from their jobs in March (145,000) than in February (136,000). While Michigan remains below the national separations rate (3.3 percent) the gap has shrunk in recent months. Compared to other states, Michigan’s separations rate ranked 12th lowest.
The layoffs/discharges rate was stagnant at 1.0 percent for the third consecutive month. The quits rate however, increased by a marginal 0.1 percentage point to 2.0 percent. This was the second consecutive month of growth in the quits rate. Numerically, this was seen in approximately 4,000 more employees voluntarily separating from their employers in March (89,000) than in February (85,000). Michigan had the seventh lowest quits rate and was only marginally below the national rate at the time (2.1 percent).
Source: Job Openings and Labor Turnover Survey, U.S. Bureau of Labor Statistics
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