Job openings in US reaches 7.44M last month, below market expectations

(MENAFN) According to figures released by the Labor Department on Tuesday, the number of job openings in the United States reached approximately 7.44 million in September. This figure fell short of market expectations, which had anticipated around 7.98 million openings. The previous month, August, reported a higher number of job openings at 7.86 million, indicating a noticeable decline in available positions.

In September, the hiring rate remained relatively stable, with around 5.6 million new hires and a consistent hiring rate of 3.5 percent. This stability in hiring suggests that while job openings have decreased, employers are still maintaining their workforce levels. However, total separations—including quits, layoffs, and discharges—decreased by 326,000 to 5.2 million in July, with the separation rate holding steady at 3.3 percent. This decline in separations might indicate a more cautious approach from workers in the current job market.

During September, approximately 3.1 million workers left their jobs, which corresponds to a separation rate of about 1.9 percent. This level of turnover is reflective of the ongoing dynamics within the labor market, where many workers continue to seek better opportunities or adjustments to their employment situations.

The Labor Department's data is derived from the Job Openings and Labor Turnover Survey (JOLTS), which measures job vacancies by collecting information from employers regarding employment levels, job openings, hiring rates, and separations. This survey focuses on job openings for all positions that are unfilled on the last business day of the month, providing a comprehensive view of labor market trends and employer behaviors.

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