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Job Openings Decrease to 10.3 Million in October

The number of job openings was 10.3 million on the last business day of October, a decrease from the 10.7 million openings as of the end of September. That’s according to a Wednesday release from the Bureau of Labor Statistics.

The rate of openings was little changed from last month at 6.3%, down one percentage point from its peak in March 2022. Compared to September, job openings decreased in state and local government, nondurable goods manufacturing and federal government. Job openings increased in finance and insurance. Open jobs in retail increased by 24,000.

About 4 million people quit their jobs in October at a rate of 2.6%.This number represented little change from the 4.1 million people quit their jobs in September at a rate of 2.7% and the 4.2 million people quit their jobs in August, at a rate of 2.7%.

Resignations increased by 18,000 in retail, 9,000 in education and health services and 13,000 in leisure and hospitality. They decreased in professional and business services, information and in transportation, warehousing and utilities.

The total number of separations in October, which includes quits, layoffs and discharges, was unchanged from September at 5.7 million at a rate of 3.7%. Layoffs and discharges totaled 1.4 million at an unchanged rate of 0.9%.

As inflation soars, the job market has stayed tight as wages increase across various industries.

According to data released this month from the Bureau of Labor Statistics, the U.S. economy added 261,000 jobs in October, beating estimates of 205,000 jobs. The unemployment rate rose to 3.7% in October, with 6.1 million unemployed. This was up from September’s rate of 3.5%

Notable job gains were present across health care, professional and technical services and manufacturing. Retail employment did not see any notable uptick or loss from September. Year-to-date, monthly job growth has averaged 407,000, lower than the 562,000 per month average in 2021.

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