Job openings unexpectedly climbed to 7.7 million in October, surpassing economist forecasts of 7.48 million, according to the Bureau of Labor Statistics (BLS).
- This marked an increase from September’s revised 7.37 million but remains the third-lowest total in the past three years.
Gains: The rise was driven by gains in professional and business services (+209,000), accommodation and food services (+162,000), and information (+87,000).
- However, federal government job openings fell by 26,000, offsetting some of the overall increase.
Total separations rose for the second consecutive month to 5.26 million, though they remain near three-year lows. Notably, quits—a measure of worker confidence—jumped to 3.3 million in October, up from a four-year low of 3.1 million in September.
- Quits rose sharply in accommodation and food services and private education and health services, while declining in retail trade and finance.
What They’re Saying: Nick Timiraos of The Wall Street Journal described the current environment as a “slow-to-hire, slow-to-fire labor market,” highlighting a private sector cautiously navigating post-pandemic conditions.
Bottom Line: The labor market continues to cool toward pre-pandemic norms, showing no signs of distress that would alter the Federal Reserve’s current policy trajectory. While job openings remain resilient in some sectors, rising quits and stable separations signal a steady transition rather than economic turmoil.
