Job Openings Decline to Lowest Point Since Early 2021

Job openings fell to their lowest level since January 2021, with 7.44 million positions open at the end of September. The latest data from the Bureau of Labor Statistics, released on Wednesday, showed a drop from August’s revised figure of 7.86 million. 

This decrease in job openings is being closely watched as the Federal Reserve prepares for its next interest rate decision on Nov. 7.

The Job Openings and Labor Turnover Survey (JOLTS) reported 5.55 million hires in September, up slightly from August’s 5.43 million. The hiring rate increased to 3.5% from 3.4% in August. 

The quit rate, an indicator of worker confidence in job availability, fell to 1.9% in September, down from 2% in August, suggesting fewer employees felt secure in switching jobs.

Additionally, the October Fed Beige Book highlighted low worker turnover and a focus on hiring for replacement rather than growth.

The October jobs report is set for release on Friday, with projections for 110,000 new jobs in the month, a slowdown from September’s 243,000.

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