Research >> Economics

Job Openings decreased to 8.7 million in October 2023


The number of job openings decreased to 8.7 million on the last business day of October, the U.S. Bureau of Labor Statistics reported today. Over the month, the number of hires and total separations changed little at 5.9 million and 5.6 million, respectively. Within separations, quits (3.6 million) and layoffs and discharges (1.6 million) changed little. This release includes estimates of the number and rate of job openings, hires, and separations for the total nonfarm sector, by industry, and by establishment size class.

Job Openings

On the last business day of October, the number of job openings decreased to 8.7 million (-617,000). The job openings rate, at 5.3 percent, decreased by 0.3 percentage point over the month and 1.1 points over the year. Over the month, job openings decreased in health care and social assistance (-236,000), finance and insurance (-168,000), and real estate and rental and leasing (-49,000). Job openings increased in information (+39,000).

Hires

In October, the number and rate of hires changed little at 5.9 million and 3.7 percent, respectively. The number of hires decreased in accommodation and food services (-110,000).

Separations

Total separations include quits, layoffs and discharges, and other separations. Quits are generally voluntary separations initiated by the employee. The quits rate can serve as a measure of workers’ willingness or ability to leave jobs. Layoffs and discharges are involuntary separations initiated by the employer. Other separations include separations due to retirement, death, disability, and transfers to other locations of the same firm.

The number of total separations in October changed little at 5.6 million, and the rate was unchanged at 3.6 percent for the fifth consecutive month. Over the month, the number of total separations increased in professional and business services (+121,000).

In October, the number of quits changed little at 3.6 million, and the rate was 2.3 percent for the fourth consecutive month. The number of quits increased in professional and business services (+97,000).

In October, the number of layoffs and discharges changed little at 1.6 million, and the rate was unchanged at 1.0 percent. The number of layoffs and discharges changed little in all industries.

The number of other separations changed little in October at 377,000.

Establishment Size Class

In October, the job openings, hires, and total separations rates changed little for establishments with 1 to 9 employees. The quits rate and total separations rate decreased for establishments with 5,000 or more employees.




Posted: December 5, 2023 Tuesday 10:00 AM




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