U.S. Job Openings rose to 3.91 million in September, beating economist expectations of 3.85 million.
August’s figure was revised down from 3.88 million to 3.84 million.
There were 4.6 million hires in September, basically unchanged from August. Also unchanged was “seperations” (layoffs, quits, and discharges), at 4.4 million.
The quit rate for September was 1.7% of total nonfarm, 2% for private, and 0.5% for government, essentially unchanged. Quits are a positive indicator, since people are more likely to leave their job when they are confident in the labour market.
The JOLTS report, as its known, is the wrongfully neglected sibling of the BLS’ monthly jobs report, but it is nonetheless a crucial labour market indicator.
In fact, soon-to-be Fed chair Janet Yellen has cited the report before as one she keeps a keen eye on.
The report offers data on job openings, hires, quits, and layoffs, giving us a fuller picture of the status of the labour market.