U.S. job openings increased by 333,000 in September to 7.523 million, while layoffs and discharges fell, according to the Labor Department’s Job Openings and Labor Turnover Survey (JOLTS). The figures suggest labor demand remained solid despite modest employment gains in the previous month.
The number of openings stood at 7.190 million in August after that month’s figure was revised up from 7.079 million. Economists surveyed by Reuters had expected 7.100 million openings in September. The job openings rate rose to 4.5% from 4.3% in August.
Hiring also increased, rising by 131,000 to 5.402 million. The hiring rate edged up to 3.4% from 3.3%. Layoffs and discharges fell by 127,000 to 1.641 million, and their rate declined to 1% from 1.1%.
Economists describe the labor market as one of “low hiring and low firing,” with solid profits and resilient domestic demand helping keep layoffs near historic lows. The report also notes that the ongoing U.S. and Israeli war against Iran is making employers cautious about expanding hiring. JOLTS data have been affected by a response rate that is considerably lower than before the COVID-19 pandemic.
Sources: Folha Mercado.