December JOLTS Report Underscores Remarkable Year for U.S. Labor Market

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Data from the December 2022 JOLTS report, released in February, show that the U.S. labor market hit records in 2022 for the highest number of hires, highest number of quits, and lowest number of layoffs and discharges in one year.

2022 stands out as a record-breaking year in the labor market, according to data released today by the U.S. Bureau of Labor Statistics in the latest Job Openings and Labor Turnover Survey report for December.

The December report contains some indicators that may surprise followers of labor market news. Despite a large decline in net job gains between 2021 and 2022, for example, U.S. businesses actually conducted more hires in 2022. And despite the prominence of layoff-related stories in news headlines, 2022 was the year in which the smallest number of Americans in over 20 years lost their jobs.1.

 

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