Staffing Industry Analysts (12/05/23)

US job openings declined by 617,000 in October compared to September and were at their lowest level since March 2021, according to data released by the US Bureau of Labor Statistics.

Job openings totaled approximately 8.7 million in October.

“Now we’re starting to head back to levels that are truly consistent with what you would call a cooling labor market,” Karin Kimbrough, chief economist at LinkedIn, told CNN.

The largest decreases in job openings occurred in healthcare and social assistance, down by 236,000; finance and insurance, down by 168,000; and in real estate and rental and leasing, down by 49,000.

Meanwhile, BLS noted little change in hires and separations, which includes quits and layoffs/discharges.

Quits, or voluntary separations by employees, dropped by 18,000 month over month in October to 3.6 million.

Layoffs/discharges, or involuntary separations conducted by employers, rose by 32,000 in October to 1.64 million.