The BLS released the monthly JOLTS report and it shows very little change from prior month. From the BLS:
The number of job openings changed little at 9.6 million on the last business day of September, the U.S. Bureau of Labor Statistics reported today. Over the month, the number of hires and total separations changed little at 5.9 million and 5.5 million, respectively. Within separations, quits (3.7 million) and layoffs and discharges (1.5 million) changed little. This release includes estimates of the number and rate of job openings, hires, and separations for the total nonfarm sector, by industry, and by establishment size class.
Job Openings
On the last business day of September, the number of job openings changed little at 9.6 million, and the rate was unchanged at 5.7 percent. Over the month, job openings increased in accommodation and food services (+141,000) and in arts, entertainment, and recreation (+39,000). Job openings decreased in other services (-124,000), federal government (-43,000), and information (-41,000). (See table 1.)
Hires
In September, the number of hires changed little at 5.9 million, and the rate was 3.7 percent for the third month in a row. The number of hires changed little in all industries. (See table 2.)
Separations
Total separations include quits, layoffs and discharges, and other separations. Quits are generally voluntary separations initiated by the employee. The quits rate can serve as a measure of workers’ willingness or ability to leave jobs. Layoffs and discharges are involuntary separations initiated by the employer. Other separations include separations due to retirement, death, disability, and transfers to other locations of the same firm. The number and rate of total separations in September changed little at 5.5 million and 3.5 percent, respectively. Over the month, the number of total separations decreased in state and local government education (-42,000) and in nondurable goods manufacturing (-37,000) but increased in federal government (+8,000). (See table 3.) In September, the number of quits changed little at 3.7 million, and the rate was 2.3 percent for the 3rd consecutive month. The number of quits increased in information (+24,000) but decreased in state and local government, excluding education (-15,000). (See table 4.) In September, the number and rate of layoffs and discharges changed little at 1.5 million and 1.0 percent, respectively. The number of layoffs and discharges decreased in state and local government education (-22,000). (See table 5.) The number of other separations changed little in September at 352,000. (See table 6.)
The Fed has their FOMC meeting later today and we wonder where we go from here. The job market seems resilient or is it the fact that millions of boomers are retiring every year leaving every growing labor shortages? When will the Fed notice? What can the Fed do anything about it other than to continue to hike rates to tame the inevitable labor inflation?
Stay tuned, stay profitable and stay solvent…