Key Points:
- The number of available jobs since May 2021 continues to outnumber Americans looking for work, but that gap is tightening.
- Job openings fell to 8.7 million in October, below consensus of 9.3 million, and the lowest level since March 2021.
- Over the month, job openings decreased in health care and social assistance (-236,000), finance and insurance (-168,000), and real estate and rental and leasing (-49,000).
- The U.S. added 150,000 jobs in October and there were 6.5 million people unemployed.
- In October, the number of hires changed little at 5.9 million, and the rate was 3.7% for the fourth month in a row. The number of hires decreased in accommodation and food services (-110,000).
- The number and rate of total separations in September changed little at 5.6 million.
- Within separations, quits (3.6 million) and layoffs and discharges (1.6 million) changed little.
- The number of total separations increased in professional and business services (+121,000).
- The labor force participation rate was little changed at 62.7% in October and is 0.7% below its February 2020 level.
- The Right Facts will continue to monitor unemployment and job openings.