[infogram id=”bb679a86-6ae4-430f-8f05-cfa6d51e5be5″ prefix=”6zS” format=”interactive” title=”JOLTS VS UNEMPLOYED 12012022″]
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 fell by 353,000 to 10.3 million in October after rising in September, and remains far below the record high 11.9 million in March.
- The number of job openings decreased in state and local government (-101,000), nondurable goods manufacturing (+-95,000), and federal government (-61,000).
- The number of job openings increased in other services (+76,000) and in finance and insurance (+70,000).
- The U.S. added 261,000 jobs in October but there were 6 million people unemployed.
- In October, the number of hires edged down to 6.0 million and the number of separations changed little at 5.7 million.
- Within separations, the number of quits were little changed at 4.0 million – still near the record high of 4.4 million – and layoffs and discharges rose to 1.4 million.
- The labor force participation rate decreased over the month to 62.2% in October and is 1.2% below its February 2020 level.
- The Right Facts will continue to monitor unemployment and job openings.