U.S. job openings fell to their lowest level since January 2021, indicating a slowdown in the labor market’s momentum despite remaining above pre-pandemic levels.
In September, the number of job openings dropped to 7.4 million from 7.9 million in August, with notable declines in healthcare companies and government agencies across federal, state and local levels.
The big picture: The number of layoffs increased, and the number of Americans quitting their jobs fell below 3.1 million, the lowest since August 2020, attributing to workers’ decreased confidence in finding new opportunities.
- Although job openings have decreased from their peak in 2022, they are still higher than pre-pandemic levels, following the economic impact of the COVID-19 pandemic on the workforce.
- Job creation slowed in 2024 compared to previous years, with an average of 200,000 new jobs per month from January through September, lower than the record averages seen in 2021, 2022, and 2023.
Go deeper: Despite the decline in job openings, strong job growth of 254,000 jobs was recorded in September, suggesting resilience in the economy amidst challenges like the effects of hurricanes and strikes.
What we’re watching: Forecasts predict the addition of 120,000 jobs in October with an unchanged low unemployment rate of 4.1%.
