Staffing Industry Analysts (11/30/22)
The number of US job openings fell 3.3% in October to 10.3 million, according to seasonally adjusted data released by the US Bureau of Labor Statistics. Year over year, job openings are down 6.9%.
However, Reuters noted that job openings remained significantly high in October, which points to continued labor market resilience despite the Federal Reserve’s efforts to cool demand by aggressively raising interest rates and were in line with economists’ expectations.
Hires were down 1.4% in October from September and fell 6.9% year over year. The number of separations, which includes quits, layoffs and discharges, rose 0.3% month over month.
Quits, which are included in separations and are voluntarily initiated by employees, fell by a scant 0.8% in October compared to September. Layoffs and discharges, which come under involuntary separations, rose 4.4% in October from September.
This article originally appeared on staffingindustry.com. Use this link to see the full article: JOB OPENINGS DROP TO 10.3 MILLION IN OCTOBER BUT POINT TO ‘CONTINUED LABOR MARKET RESILIENCE’