Key Points:
- The number of available jobs since May 2021 continues to outnumber Americans looking for work, but the gap is narrowing.
- Job openings rose to 7.7 million in October after September was revised down by 71,000 to 7.4 million.
- There are 1.1 million fewer job openings than October 2023.
- The number of job openings increased in professional and business services (+209,000), accommodation and food services (+162,000), and information (+87,000) but decreased in federal government (-26,000).
- The U.S. added just 12,000 jobs in October and there were 7 million people unemployed.
- The number of job openings for September was revised down by 71,000 to 7.4 million, the number of hires was revised up by 24,000 to 5.6 million, and the number of total separations was unchanged at 5.2 million. Within separations, the number of quits was revised up by 27,000 to 3.1 million, and the number of layoffs and discharges was revised down by 31,000 to 1.8 million.
- The number of hires was little changed at 5.3 million in October but was down by 501,000 over the year.
- The number of total separations in October was little changed at 5.3 million but was down by 369,000 over the year.
- Within separations, quits (3.3 million) increased, but layoffs and discharges (1.6 million) changed little.
- Quits were down by 369,000 over the year.
- Quits increased in accommodation and food services (+90,000).
- Layoffs and discharges increased in retail trade (+60,000) but decreased in durable goods manufacturing (-37,000) and in private educational services (-14,000).
- The labor force participation rate fell slightly to 62.6% in October and is 0.8% below its February 2020 level.
- The Right Facts will continue to monitor unemployment and job openings.