U.S. Job Openings Surge 372,000 in October to 7.744 Million, Beating Forecasts

Dec 3, 2024, 03:01 PM

U.S. job openings increased in October by 372,000 to 7.744 million, surpassing expectations of 7.519 million and up from the revised September figure of 7.372 million, the lowest since February 2021, according to the latest Job Openings and Labor Turnover Survey (JOLTS) report released by the Labor Department. This marks the largest monthly increase since August 2023, suggesting that demand for workers is stabilizing after declines in recent months. The quits rate rose to 3.32 million, increasing by 228,000 from the prior month, indicating more workers are voluntarily leaving their jobs. However, hiring declined to 5.31 million, down 269,000 and near post-pandemic lows, while layoffs decreased by 169,000 to 1.63 million, remaining within the post-pandemic range. The increase in job openings and quits rate may point to a healthy job market, as Americans feel more confident about job prospects.