Job openings in US stand at 7.44 million in September, below expectations
Date
12/4/2024 2:42:10 AM
(MENAFN) In September, US job openings stood at 7.44 million, according to the labor Department's report, which was lower than the expected 7.98 million. This figure marked a significant drop from projections, indicating a slight cooling in the labor market. Despite the lower number of job openings, the number of hires remained largely unchanged, with approximately 5.6 million workers hired during the month. The hire rate, which reflects the proportion of new hires relative to the total workforce, stayed steady at 3.5 percent.
The report also revealed a rise in total separations, which include voluntary quits, layoffs, and discharges. Separations increased by 326,000, bringing the total number of separations to 5.2 million in September. However, the separation rate remained unchanged at 3.3 percent, signaling that the overall level of turnover in the labor market was stable despite the increase in separations. Of the 5.2 million separations, about 3.1 million workers left their jobs voluntarily, indicating ongoing worker mobility in the labor market.
The data is drawn from the Job Openings and Labor Turnover Survey (JOLTS), a key indicator of labor market trends in the US. JOLTS collects detailed information from employers about job vacancies, hires, and separations, offering valuable insights into the dynamics of the workforce. It provides an overview of the demand for workers, hiring practices, and turnover, all of which are critical for understanding economic conditions and labor market health.
JOLTS specifically measures job openings on the last business day of each month, capturing the positions that are available but not yet filled. This metric helps to gauge the demand for labor across different sectors of the economy. The latest data suggests that while there are still millions of job openings, the labor market is showing signs of modest moderation, with fewer new openings than previously anticipated and a steady rate of hiring and separations.
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