- Prior month 9.553M (revised to 9.350M)
- Hires 3.7% vs 3.7% prior.
- Separations rate 3.6% vs 3.6% prior.
- Quits 2.3% vs. 2.3% prior. It was the 4th consecutive month at the same rate
The low job openings for 2023 was at 8.92M in July. This is the weakest since March 2021.
Details:
Job Openings: In October, on its final business day, there was a notable decrease in job openings, dropping by 617,000 to 8.7 million. This decline was reflected in the job openings rate, which fell to 5.3%, a decrease of 0.3 percentage points from the previous month and 1.1 points from the previous year. Significant reductions in job openings were observed in several sectors: health care and social assistance (-236,000), finance and insurance (-168,000), and real estate and rental and leasing (-49,000). Conversely, the information sector experienced an increase in job openings, adding 39,000 positions. Lower job openings is an indication of a weaker jobs picture.
Quits: In October, the number of quitters changed little at 3,600,000 and the raate was 2.3% for the 4th
consecutive month. The number of quotes increased in professional business services (+97k).
When quits increases it is a sign of confidence in the job market. With the number staying little
change for the 4th consecutive month, the confidence is waning a bit.
Robert Johnson is a UK-based business writer specializing in finance and entrepreneurship. With an eye for market trends and a keen interest in the corporate world, he offers readers valuable insights into business developments.
