U.S. job openings rose to 7.5 million in September, the Bureau of Labor Statistics reported Tuesday, topping the roughly 7.15 million economists had expected and up from an upwardly revised 7.2 million in August – a show of resilience in a labor market that had been cooling for months.
The openings rate was 4.5%. Hires changed little at 5.4 million, and total separations held at 5.3 million. Layoffs and discharges were little changed at 1.6 million, a 1.0% rate.
Quits – workers leaving jobs voluntarily, a widely watched gauge of confidence in finding something better – increased to 3.4 million, and are up 375,000 over the past year, the bureau said.
By industry, openings rose by 104,000 in state and local government outside education, while hiring picked up by 158,000 in accommodation and food services. Layoffs fell by 70,000 in health care and social assistance.
August’s figures were revised higher: openings by 111,000, hires by 79,000, and layoffs and discharges by 127,000, to 1.8 million.
The September reading is the strongest since May and ends a run of monthly declines that had taken openings from 7.6 million in the spring to about 7.1 million by summer’s end. Stocks added to early losses after the 10 a.m. release, with the Dow Jones Industrial Average down 342 points, or 0.7%, as of 10:02 a.m. EST, and the 10-year Treasury yield near 4.93%.
What it means for you: If you are looking for work or thinking about switching, 7.5 million open roles is a deep pool, and rising quits signal that other workers are confident enough to make a move – often the lever that wins better pay. Steady layoffs, at 1.6 million, mean there is no sign of a broad wave of job cuts. The soft spots are worth knowing too: hiring overall is not accelerating, so searches can still take time.
JBizNews Desk | Wall Street
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