Economic Event · monthly
Job Openings and Labor Turnover Survey (JOLTS)
Source: Bureau of Labor Statistics (BLS)Release: First week of monthTime: 10:00 AM ET
JOLTS provides data on job openings, hires, separations, quits, and layoffs. The Bureau of Labor Statistics releases it monthly, typically in the first week of the month, covering data that is one month behind the latest NFP reference period. Released at 10:00 AM ET.
Markets parse JOLTS for the job openings-to-unemployed ratio (a tight labor market signal the Fed has watched closely), the quits rate (worker confidence, wage pressure proxy), and layoff rates. The "Beveridge Curve" relationship, openings vs unemployment, has been a Fed focal point in assessing labor market tightness and its inflation implications.
Why It Matters
JOLTS gained Fed prominence during 2022-2023 as Powell repeatedly cited the job openings number as evidence of labor market tightness requiring tighter policy. The ratio of openings to unemployed peaked near 2x in 2022 and fell steadily toward 1x by 2024, a move the Fed took as evidence labor markets were normalizing.
What to Watch For
- •Total job openings
- •Openings-to-unemployed ratio
- •Quits rate, worker confidence
- •Layoffs and discharges
- •Hires rate
Market Reaction Pattern
Lower openings: dovish, rates down. Higher openings: hawkish, rates up. Quits rate decline signals wage pressure easing, bond-friendly.
Related Metrics
Other Economic Events
Consumer Price Index (CPI)
monthly · ~10th-15th of month
Nonfarm Payrolls (NFP)
monthly · First Friday
FOMC Meeting & Rate Decision
8x/year · Varies, 8 scheduled meetings per year
Producer Price Index (PPI)
monthly · Day before or after CPI
Gross Domestic Product (GDP)
quarterly · ~1 month after quarter end (Advance), then 2 revisions
ISM Manufacturing PMI
monthly · First business day of month
ISM Services PMI
monthly · Third business day of month
Retail Sales
monthly · ~15th of month
Get release-day analysis and market reaction framing before consensus forms.