With the end of October came a modest gain in the number of job openings across the U.S. labor market. This surprising data is from the September JOLTS, a semi-monthly report published by the Bureau of Labor Statistics (BLS). The report, originally scheduled for release last week, provides insight into the labor market during September and October, revealing key trends despite challenges posed by the recent federal government shutdown.
There were almost 7.67 million jobs in the United States at the end of October. This was an uptick from the 7.66 million openings reported at the end of September. In August, there were 7.23 million job openings. As indicated in this new monthly statistic, there has been an uptick in most of these figures over the last several months. This data shows a real and difficult to fake demand for labor, even as hiring and quitting rates are still experiencing massive volatility.
The latest JOLTS report confirms that hiring activity continued to slow during October, as employers are clearly responding to a larger economic picture of uncertainty. While overall job openings are still climbing, layoffs are speeding up. That’s a sign that employers are taking a more wait-and-see attitude toward hiring as the economy shifts beneath their feet. Less people are quitting their jobs voluntarily. This trend indicates a tightening labor market and increasing job security worries among workers.
The October JOLTS report was also severely delayed by the recent federal government shutdown. This temporary shutdown continued from October 1 until November 12. Throughout this time, the agency struggled to collect, process, analyze, and disseminate critical economic data. As such, the September data stayed under wraps until this week, providing even more perspective to what has been a rapidly changing labor scene.
The Recession Report serves as a critical barometer of labor market trends. Employment patterns exposed by the Census offer insights that should encourage better-informed economic policy and workforce development strategy. Analysts will be watching these numbers like hawks to determine what they mean for upcoming job creation and the economy as a whole.