What is the Job Openings and Labor Turnover Survey (JOLTS)?

JOLTS publishes job openings, hires, quits, layoffs and discharges, other separations and total separations for private nonfarm establishments and civilian government in the 50 states and the District of Columbia. It uses a stratified random sample of about 21,000 establishments, benchmarked each month to Current Employment Statistics employment, plus a birth and death model for new establishments.

A job opening must be a specific position with work available, able to start within 30 days, and actively recruited from outside the establishment. Positions open only to internal transfers, promotions or recall from layoffs are excluded.

Production facts:

  • Publisher: U.S. Bureau of Labor Statistics
  • Frequency: Monthly
  • Typical release time: 10:00 a.m. ET on scheduled date
  • Primary metric: Job openings
  • Market sensitivity: Very High
  • Data type: Hard data
  • Economic indicator type: Leading
  • Revision risk: Medium

Key components to watch

The headline (Job openings) is the most widely quoted but rarely the most informative number. The components that follow reveal whether the headline result is broad-based or concentrated, improving or deteriorating, and consistent with prior trends.

  • Job openings
  • Hires
  • Quits
  • Layoffs and discharges
  • Other separations
  • Total separations

For any release with multiple components, the investor's task is not to memorize every number but to identify which components are most relevant to the current investment thesis and track those with the most care.

How to read the headline: actual versus expected

Markets react to the gap between the published Job openings and the consensus forecast, not to the level alone. A stronger-than-expected or weaker-than-expected result is defined against that forecast, so check what was expected before reading the number.

The Job Openings and Labor Turnover Survey (JOLTS) carries medium revision risk: The first published monthly estimate is preliminary. Read any revision to the prior period together with the new figure.

Market impact by asset class

The Job Openings and Labor Turnover Survey (JOLTS) primarily affects the following markets: Stocks, Treasuries, Fed funds futures, USD.

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Stronger than expected result: In an inflation-elevated, tightening environment, a stronger result typically pressures interest-rate-sensitive assets and can strengthen the dollar. In a growth-slowing environment, a stronger result can be equity-supportive if it reduces recession fears.

Weaker than expected result: In a growth-concern environment, a weaker result may reinforce concerns about economic deceleration. If the Fed is watching this specific indicator for policy calibration, a persistent pattern of below-consensus results may shift the rate path.

In-line result: In-line results typically produce muted market reactions unless there are significant component deviations from expectations. The market had already priced the consensus, so confirmation requires little repricing.

Revision risk and methodology notes

The Job Openings and Labor Turnover Survey (JOLTS) carries medium revision risk. The first published monthly estimate is preliminary. The following month it is revised for additional sample receipts and is considered final. Annual updates tied to CES benchmarks revise the prior five years of data. In the August 2026 release, July job openings were revised up by 64,000 to 7.3 million.

Primary source: U.S. Bureau of Labor Statistics: Job Openings and Labor Turnover Survey (JOLTS).

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Common investor mistakes

  • Reacting to the headline without checking the components. The headline can diverge significantly from the underlying trend revealed by the components. A headline beat driven by a volatile component may not indicate the same strength as a broad-based improvement.
  • Ignoring revisions to prior periods. An initial strong number revised down in the following release tells a different story than a number that stands firm.
  • Not knowing what is consensus-priced. Reacting to a number without knowing what was already expected conflates information with noise. The market reaction is driven by the deviation from expectations, not by the level of the number.
  • Applying the same interpretation across different regimes. The same headline result has different implications depending on the Fed's current stance, the growth trend, and what is already priced into the yield curve and equity multiples.

Related releases

The Job Openings and Labor Turnover Survey (JOLTS) should be read alongside:

  • Employment Situation (Jobs Report)
  • Nonfarm Payrolls
  • Unemployment Rate
  • Average Hourly Earnings
  • Labor Force Participation Rate

Frequently asked questions

What is the Job Openings and Labor Turnover Survey (JOLTS)?

JOLTS publishes job openings, hires, quits, layoffs and discharges, other separations and total separations for private nonfarm establishments and civilian government in the 50 states and the District of Columbia. It uses a stratified random sample of about 21,000 establishments, benchmarked each month to Current Employment Statistics employment, plus a birth and death model for new establishments. It is published monthly by U.S. Bureau of Labor Statistics.

When is the Job Openings and Labor Turnover Survey (JOLTS) released?

The Job Openings and Labor Turnover Survey (JOLTS) is released by U.S. Bureau of Labor Statistics on a monthly schedule: 10:00 a.m. ET on scheduled date. Exact dates are on the publisher's release calendar.

How does the Job Openings and Labor Turnover Survey (JOLTS) affect markets?

The Job Openings and Labor Turnover Survey (JOLTS) primarily affects Stocks, Treasuries, Fed funds futures, USD. Its typical market sensitivity is rated Very High. A result that comes in stronger than consensus expectations generally moves affected markets directionally, while a weaker result can have the opposite effect. The direction depends on the current macro regime and what is already priced into markets.

What is the revision risk for the Job Openings and Labor Turnover Survey (JOLTS)?

The Job Openings and Labor Turnover Survey (JOLTS) carries medium revision risk. The first published monthly estimate is preliminary. The following month it is revised for additional sample receipts and is considered final. Annual updates tied to CES benchmarks revise the prior five years of data. In the August 2026 release, July job openings were revised up by 64,000 to 7.3 million.