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- U.S. job openings increase 2.4 percent in October; hires drop 1.3 percent
U.S. job openings increase 2.4 percent in October; hires drop 1.3 percent
The Job
Openings and Labor Turnover Survey (JOLTS) published by the Labor Department on
Wednesday revealed a 2.4 percent m-o-m increase in the U.S. job openings in October
after a revised 2.2 percent m-o-m gain in September (originally a 1.3 percent
m-o-m advance).
According to
the report, employers posted 6.652 million job openings in October compared to
the September figure of 6.494 million (revised from 6.436 million in the
original estimate) and economists’ expectations of 6.300 million. The job
openings rate was 4.5 percent in October, up from an upwardly revised 4.4
percent in the prior month. The report showed that the number of job openings rose
in health care and social assistance (+122,000 jobs) and state and local
government education (+23,000).
Meanwhile, the
number of hires fell 1.3 percent m-o-m to 5.812 million in October from a
revised 5.886 million in September. The hiring rate was 4.1 percent in October,
down from a revised 4.2 percent in September. The hires declined in wholesale
trade (-81,000), other services (-74,000), and federal government (-12,000).
The separation
rate in October was 5.107 million or 3.6 percent, compared to 4.844 million or
3.4 percent in September. Within separations, the quits rate was 2.2 percent (flat
m-o-m), and the layoffs rate was 1.2 percent (+0.2 pp m-o-m).
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