Job openings fell more than expected in October and hit the lowest level over 31 months, according to the latest data from the Bureau of Labor Statistics.
- The number of job openings decreased to 8.7 million on the last business day of October, down from 9.35M in September and the lowest level since March 2021.
- Economists predicted a much smaller drop to 9.3M.
Tightening in Health Care. Job openings decreased in health care and social assistance fell 236,000 in October followed by finance and insurance (-168,000), and real estate and rental and leasing (-49,000).
Total Separations. Quits, layoffs and discharges, and other separations were little changed at 5.6M to end October.
- Quits were mostly unchanged at 3.62M in October, down from 3.64M in September and still above the sub 3.0M pre-pandemic average.
Hires. The number of hires changed little at 5.88M in October, down slightly from 5.9M in September and the second lowest level since 2021.
