Consensus | Consensus Range | Actual | Previous | Revised | |
---|---|---|---|---|---|
Job Openings | 9.375M | 9.200M to 9.500M | 9.553M | 9.610M | 9.497M |
Highlights
The number of job openings is a strong 181,000 in leisure and hospitality, likely reflecting needs for the upcoming winter holiday season. Also likely related to seasonal hiring is 88,000 increase in trade, transportation, and utilities. Job openings are also more plentiful for financial activities at 94,000. Although the housing market is slower, there are 56,000 more construction openings. There are steep declines for"other" services of 124,000 and 105,000 for professional and business services. The job opening rate is unchanged at 5.7 in September from August.
Hiring is up 21,000 to 5.871 million in September after 5.850 million in August. Total private hiring is up 26,000 and government is down 5,000. Hiring was strong in leisure and hospitality at 94,000 and retail as well, also at 94,000. This likely reflects seasonal hiring before the winter holidays. Elsewhere, hiring was modest at best, and somewhat lower in a few sectors like the 25,000 decrease for professional and business services, and down 28,000 in education and health service. The hires rate is unchanged at 3.7 in September from August.
Separations decline 157,000 to 5.530 million in September from 5.687 million in August. Separations are down 106,000 in the private sector and down 51,000 in government. Separations were fewer in most industries except for an increase of 54,000 in leisure and hospitality. The separations rate is down a tenth to 3.5 in September from August.
The number of workers voluntarily quitting a subset of separations is essentially unchanged at down 2,000 to 3.661 million in September from August. Private sector quits are up 22,000 to 3.477 million in September, while government quits are down 23,000. The churn in the labor market is easing, although it is notable that a few sectors are seeing workers leave possibly in search of better compensation and/or working conditions. Quits in retail are up 74,000 in September, and leisure and hospitality are up 23,000. The quits rate is unchanged at 2.3 in September from August.
In September, layoffs and discharges another subset of separations are down 165,000 to 1.517 million in September after 1.682 million in August. Private businesses have 133,000 fewer layoffs in September, and government has 32,000 fewer. The layoffs and discharges rate is down a tenth to 1.0 in September from August.
Altogether, there has been some cooling in the labor market, but at least for September, conditions are stable with still abundant job openings, modest hiring, businesses avoiding layoffs where they can, and some workers continuing to seek other employment.