The
Job Openings and Labor Turnover Survey (JOLTS) published by the Labor
Department on Wednesday showed a 4.1 percent m-o-m surge in the U.S. job
openings in October after a revised 0.3 percent m-o-m fall (from -1.8 percent
m-o-m) in September.
According
to the report, employers posted 11.033 million job openings in October compared
to the September reading of 10.602 million (revised from 10.438 million in the
original estimate) and economists’ expectations of 10.369 million. The job openings rate was 6.9 percent in October, up from
a revised 6.7 percent (from 6.6 percent) in the previous month. The report revealed
that the largest gains occurred in accommodation and food services (+254,000),
nondurable goods manufacturing (+45,000), and educational services (+42,000). These
increases, however, were partially offset by a decline in state and local
government, excluding education (-115,000).
Meanwhile,
the number of hires decreased 1.3 percent m-o-m to 6.464 million in October from
a revised 6.546 million (from 6.459 million) in September. The hiring rate remained
unchanged at 4.4 percent in October. Hires rose in educational services (+54,000) and in state
and local government education (+37,000), but these gains were more than offset by
a decline in finance and insurance (-96,000).
The
separation rate in October was 5.892 million or 4.0 percent, compared to 6.147 million
or 4.2 percent in September. Within separations, the quits rate was 2.8 percent
(-0.2 p.p. m-o-m), and the layoffs rate was 0.9 percent (unchanged m-o-m).