In October, the number of job openings in the United States increased by 5% to 7.7 million from a 3.5 year low in September, indicating ongoing demand for workers despite a slowdown in hiring.
The rise in job openings was particularly notable in professional and business services, as well as in the restaurant, hotel, and information technology industries.
The big picture: The number of people quitting their jobs also increased in October, signaling confidence in the job market, while layoffs decreased to just 1.6 million, below the lowest figures in the two decades preceding the 2020 pandemic.
- The mixed picture for the labor market suggests a stabilization at a modest level, with moderate hiring and uncommonly low layoffs, despite a sharp slowdown in job growth the previous month due to hurricanes and a strike at Boeing.
- The unemployment rate remains low at 4.1%, and there are currently 1.1 available jobs for each unemployed worker, indicating a healthy ratio. However, this is down from approximately two job openings per unemployed person two years ago, reflecting a pullback from the hiring frenzy following the pandemic recession.
Go deeper: While job openings increased, overall hiring slowed in October, dropping to 5.3 million from 5.6 million, largely due to hurricane-related disruptions.
- The jobs report also showed a rebound in the number of Americans quitting their jobs in October to 3.4 million, a positive sign for the economy as it indicates confidence in seeking new job opportunities.
