US Job Openings and Labor Turnover Summary for October

On Tuesday, the US Bureau of Labor Statistics (BLS) reported the results of its Job Openings and Labor Turnover Survey (JOLTS) for October. As of the last business day in October, the number of job openings was 7.7 million. Year-over-year, the measure was down 941,000. The job openings rate was 4.6%, little changed from the 4.5% reported in September.

In October, the number of hires changed little at 5.3 million but was down 501,000 year-over-year. The hires rate was little changed at 3.3%.

The number of total separations was little changed at 5.3 million but was down 369,000 year-over-year. The total separations rate held at 3.3%, for the third consecutive month.

The number of quits increased 228,000 to 3.3 million but was down by 308,000 over the year. The quits rate increased to 2.1%.

The number and rate of layoffs and discharges changed little at 1.6 million and 1.0%, respectively.

The number of other separations changed little at 301,000 in October.

The hires rate for establishments with 1 to 9 employees decreased in October, while the job openings, quits, layoffs and discharges, and total separations rates showed little change. For establishments with 5,000 or more employees, the job openings, hires, quits, layoffs and discharges, and total separations rates showed little change.

Monthly Revisions

The number of job openings in September was revised down by 71,000 to 7.4 million; the number of hires was revised up 24,000 to 5.6 million; and the number of total separations was unchanged at 5.2 million. Within separations, the number of quits was revised up by 27,000 to 3.1 million, and the number of layoffs and discharges was revised down by 31,000 to 1.8 million.