Key Points:
- The number of available jobs since May 2021 continues to outnumber Americans looking for work.
- The tight labor market has pushed total job openings to nearly double the available workers this year, but hiring has slowed amid a broader economic slowdown.
- Job openings rose by 437,000 to 10.7 million in September, partially offsetting the sharp decline in August, but far below the record high 11.9 million in March.
- The number of job openings increased in accommodation and food services (+215,000), health care and social assistance (+115,000), and transportation, warehousing, and utilities (+111,000).
- The number of job openings decreased in wholesale trade (-104,000) and in finance and insurance (-83,000).
- The U.S. added 263,000 jobs in September but there were 5.75 million people unemployed.
- In September, the number of hires edged down to 6.1 million and the number of separations decreased to 5.7 million.
- Within separations, the number of quits were little changed at 4.1 million – still near the record high of 4.4 million – and layoffs and discharges edged down to 1.3 million.
- The labor force participation rate decreased over the month to 62.3% in September and is 1.1% below its February 2020 level.
- The Right Facts will continue to monitor unemployment and job openings.