October Job Market Snapshot: Job Openings Decline to 8.7 Million, Hires and Separations Hold Steady

In October, the U.S. Bureau of Labor Statistics reported a decrease in job openings to 8.7 million, with a corresponding decline in the job openings rate to 5.3 percent. Hires and total separations remained relatively stable at 5.9 million and 5.6 million, respectively. Within separations, quits (3.6 million) and layoffs and discharges (1.6 million) showed little change.

The job openings rate declined by 0.3 percentage points over the month and 1.1 points over the year. Job openings decreased in health care and social assistance, finance and insurance, and real estate and rental and leasing, while increasing in the information sector.

Hires in October totaled 5.9 million, with a rate of 3.7 percent. The number of hires decreased in accommodation and food services. Total separations, including quits, layoffs, discharges, and other separations, remained steady at 5.6 million, with a 3.6 percent rate.

Quits, indicative of voluntary separations, totaled 3.6 million, maintaining a rate of 2.3 percent. The number of quits increased in professional and business services. Layoffs and discharges, representing involuntary separations, showed little change at 1.6 million, with a 1.0 percent rate.

In terms of establishment size class, rates for job openings, hires, and total separations remained mostly unchanged for establishments with 1 to 9 employees. However, the quits rate and total separations rate decreased for establishments with 5,000 or more employees.

These statistics provide insights into the dynamics of the job market, revealing fluctuations in job openings, hires, and separations across various sectors and establishment sizes.

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