So much for the loosening labor market. Job openings unexpectedly jumped back up at the end of September, according to the latest Job Openings Labor Turnover Survey.
- Job openings increased 437k to 10.7 million on the last business day of September, this is up from 10.28M.
- Economists had projected a drop to 10M and this was the 15th straight month job openings were over 10M.
We Need Waiters. The largest increases in job openings were in accommodation and food services (+215,000); health care and social assistance (+115,000); and transportation, warehousing, and utilities (+111,000).
Great Resignation. While some have speculated that the great resignation was coming to an end. This report throws cold water on that idea. The number of quits held at 4.1 million, and the rate was 2.7% for the third month in a row.
- The construction industry had the most quits at 56,000 followed by transportation, warehousing, and utilities (-35,000); and durable goods manufacturing (-28,000).
- Total separations did decrease by 370k to 5.7M thanks to a decrease in layoffs and discharges.
Analysis: Heather Long at The Washington Post tweeted “Bottom line: The job market still looks strong. No sign of a recession there”
BOTTOM LINE: A lot of people have speculated that Wall Street’s buying spree in October was fueled by speculation that Powell could hint at a pivot after this week’s FOMC meeting. If the labor market is as tight as this report makes it seems there will be no hint of a pivot.