The Job Openings Rate Fell to a Near 4-year Low in April

Job openings, hires, separations, and labor turnover all declined in the latest state Job Openings and Labor Turnover Survey (JOLTS) release. The unemployed persons to job openings ratio saw a notable jump from March to April, while the quits rate remained unchanged.

Job Openings Continue to Decline

Michigan had approximately 30,000 less job openings in April (213,000) than in March (243,000). Consequently, the job openings rate declined, falling over half a percentage point to 4.5 percent in April. This was below the national rate (4.8 percent) and was the lowest recorded openings rate for Michigan since May 2020 (3.6 percent). This was also the first time Michigan’s rate fell below 5.0 percent in nearly a year (July 2023, 4.6 percent).

The unemployed persons to job openings ratio spiked in April, rising from 0.80 to 0.92. This indicated that there were approximately nine people available for every 10 job openings. Michigan was above the national ratio at the time (0.81) and recorded its highest ratio since March 2021 (1.13).

Job openings fell below the national rate in April 2024.

Source: Job Openings and Labor Turnover Survey, U.S. Bureau of Labor Statistics

Hires Fall After Jump in the Previous Month

Michigan employers hired 10,000 less individuals in April (146,000) than in March (156,000). As a result, the hires rate fell to 3.2 percent, a 0.3 percentage point drop from the month prior. This decline dropped Michigan’s hires rate to the 9th lowest of all other states. Michigan also remained below the national rate of 3.6 percent at the time.

Separations Rate Sees Notable Decline

Like hires, the separations rate fell from March to April, dropping 0.4 percentage points to 3.1 percent. Numerically, separations fell by 19,000 in April (139,000). This decline was driven primarily by a fall in involuntary separations, or layoffs/discharges. Michigan’s separations rate fell below the national rate (3.4 percent) and ranked 8th lowest among other states.

Layoffs/discharges fell from 1.3 percent to 0.8 percent as 24,000 less individuals were laid off in April. The quits rate, however, remained at 2.1 percent for the second consecutive month. Michigan had the 14th lowest rate of quits and was marginally below the national rate at the time (2.2 percent).

Hires and separations both move downward after a spike in March.

Source: Job Openings and Labor Turnover Survey, U.S. Bureau of Labor Statistics

Labor Turnover Falls Below the National Rate

The labor turnover rate declined by nearly a full percentage point from March to April, falling to 6.3 percent. Michigan continued to register some of the lowest levels of labor turnover among other states at 7th lowest. Compared to its Midwest counterparts, Michigan was tied with Minnesota as the lowest. Despite the jump to 7.0 percent in the month prior, Michigan has seen some of its lowest labor turnover in recent years. The fall to the current rate is a continuation of Michigan’s downward trend in labor turnover.

Michigan tied with Minnesota for lowest labor turnover rate in the Midwest.