The monthly Job Openings and Labor Turnover (JOLTS) report, published by the Bureau of Labor Statistics, provides data on labor demand and turnover. The release is already two months old when it comes out, but this important indicator gives us a pulse on the job market and can provide leading macroeconomic evidence.
This morning’s JOLTS report for October registered 8.773 million job openings, which was down notably from September’s downwardly revised 9.350 million openings. The rate of hiring, total separations, layoffs & discharges, and quits were little changed in October.
Job openings decreased most in health care & social assistance, finance & insurance, and real estate. Increases were seen in information, federal government, and professional & business services.
Today’s job openings report for October was far worse than expected, and openings are now at a 2½ year low – signaling that labor market conditions continue to erode.
