U.S. job openings increase in October

The Job Openings and Labor Turnover Survey (JOLTS) published by the Labor Department on Tuesday showed a 3.3 percent m-o-m advance in the U.S. job openings in October after a 7.4 percent m-o-m drop in September.

According to the report, employers posted 7.267 million job openings in October, compared to the September figure of 7.302 million (revised from 7.024 million in original estimate) and economists’ expectations of 7.018 million. The job openings rate was 4.6 percent in October, down from a revised 4.4 percent in the prior month. The report showed that he largest gains in job openings levels were in retail trade (+125,000 jobs), finance and insurance (+56,000), and durable goods manufacturing (+50,000). At the same time, the largest decreases in job openings were recorded in nondurable goods manufacturing (-36,000), information (-33,000), and arts, entertainment, and recreation (-26,000).

Meanwhile, the number of hires fell by 3.1 percent m-o-m to 5.764 million in October from 5.951 in September. The hiring rate was 3.8 percent, down from 3.9 percent in September. The number of hires edged down for total private (-194,000) and was little changed for government. The hires level declined in retail trade (-97,000).

The separation rate in October was 5.636 million or 3.7 percent, compared to 5.798 million or 3.8 percent in September. Within separations, the quits rate was 2.3 percent (flat m-o-m), and the layoffs rate was 1.2 percent (-0.1 pp m-o-m).