1/4/24 Newsletter

Greetings Harmony Solutions Community,

Happy New Year to all our valued followers! I trust this message reaches you in good health and high spirits. As we kick off the year, we're excited to reaffirm our commitment to keeping you informed and engaged.

Starting this year, we're introducing a weekly newsletter to provide you with valuable insights. These newsletters will feature essential updates on U.S. Labor and Statistics, macroeconomic hiring trends, and the latest happenings at Harmony.

To kick off this initiative, I'm thrilled to share key insights from the U.S. Bureau of Labor Statistics' Job Openings and Labor Turnover report for November 2023.

Stay tuned for regular updates, and thank you for being an integral part of the Harmony Solutions community!

Job Openings Overview:

• The number of job openings remained steady at 8.8 million, showing resilience in the market.
• Despite a slight dip from the series high in March 2022, the openings rate held unchanged at 5.3 percent.

Industry Movements:

• Job openings decreased in transportation, warehousing, and utilities (-128,000) and in federal government (-58,000).
• Conversely, there was an uptick in job openings in wholesale trade (+63,000).

Hiring Landscape:

• Hires experienced a minor decline to 5.5 million (-363,000), with the rate holding steady at 3.5 percent.
• Notable decreases in hires were observed in professional and business services (-163,000).

Separations Insights:

• Total separations, including quits, layoffs, and other reasons, decreased to 5.3 million (-292,000), with a rate of 3.4 percent.
• The number of quits edged down to 3.5 million (-157,000), with a rate of 2.2 percent.
• Layoffs and discharges remained relatively stable at 1.5 million, with a rate of 1.0 percent.

Establishment Size Considerations:

• For November, job openings, hires, and total separations rates showed minimal changes for establishments with 1 to 9 employees.
• Establishments with 5,000 or more employees saw an increase in both quits and total separations rates.

For a detailed breakdown, you can refer to the full report here.

Feel free to reach out if you have any questions or if you'd like to discuss how these insights might impact your business.

Best wishes,

Travis Gay