Job openings fell as expected but quits and separations were little changed, according to the latest data from the Bureau of Labor Statistics
- The number of job openings edged down to 10.3 million on the last business day of October.
- Economists hit the nail on the head as the also predicted a drop to 10.3M
Breaking It Down. State and local government led the way with a 101,000 fewer job openings in October followed by nondurable goods manufacturing (-95,000) and federal government (-61,000).
- Job openings increased in other services (+76,000) and in finance and insurance (+70,000).
The Great Resignation Continues. While the great resignation has lost a little steam it still appears to be going strong as we move into Q4. Quits were little unchanged at 4.0M. While this is down 11% from the 4.5M high in November 2021 it is still well above the 2.5-3.0M last two decade trend.
- Layoffs were little changed as well at 1.4M.
Analysis. Jason Furman, former chief economic advisor to President Obama, said the labor market appears to be cooling. “The labor market eased in October as both job openings and quits fell (and unemployed rose, which we knew already). Overall there are now 1.7 job openings for every unemployed worker–down from the peak of 2.0 in March 2022.”