According to the Job Openings and Labor Turnover Survey, there were 10.33 million open positions in October, down from 353,000 in September and from 760,000 a year earlier.
As a result, there were 1.7 job openings per worker who was available for the entire month as opposed to a 2-to-1 ratio a few months ago.
According to a Labor Department report released on Wednesday, job openings decreased in October as a result of the Federal Reserve’s efforts to cool off an overheated labor market.
There were 10.3 million openings for the month, according to the Job Openings and Labor Turnover Survey, a closely watched indicator of labor force slack. That represents a 353,000 decline from September and a 760,000 decline from a year ago.
As a result, there were 1.7 job openings per worker who was available for the entire month as opposed to a 2-to-1 ratio a few months ago.
To curb the inflationary spiral, the Fed has implemented a number of rate hikes. The extremely competitive job market, which has a 3.7% unemployment rate and wage increases that are contributing to price pressure, has received particular attention.
The JOLTS report gave at least some indication that the Fed’s efforts to fight inflation may be having an effect, even though monthly numbers can be unpredictable. The report was released on the same day payroll processing company ADP reported job gains in November of just 127,000, the smallest number since January 2021.
The number of resignations, which is a gauge of employees’ confidence in their ability to switch jobs with ease, also fell, edging lower to 4.026 million from a month earlier and well below the record 4.5 million in November 2021, during what was known as the “Great Resignation.”
In addition, layoffs and discharges increased by 58,000 to reach 1.39 million, pushing the total number of separations up to 5.68 million.
The Labor Department will publish data on payroll growth for November on Friday. 200,000 new jobs are anticipated by economists for the month, according to estimates from Dow Jones.
It should be noted that ADP only reported 127,000 job gains in November, the lowest number since January 2021. In a previous draught, the timing was incorrect. 200,000 new jobs are anticipated by economists in November, according to estimates from Dow Jones. Previous iterations had the wrong month and number.