JOLTS October job openings 7.600M vs 7.150M estimate

• Prior month 7.227M
• JOLTs job openings 7.670M vs 7.150M estimate

• October hires were little changed, holding at 5.1 million.

• The hire rate remained steady at 3.2%.

• No significant hiring shifts occurred across any major industries

• In October, total separations were little changed at 5.1 million and a 3.2% rate.

• Total separations fell in health care & social assistance (-111,000) and the federal government (-34,000).

• Quits in October were little changed at 2.9 million with a 1.8% rate.

• Quits were down 276,000 over the year.

• Quits decreased in:

  • Accommodation & food services (-136,000)

  • Health care & social assistance (-114,000)

  • Federal government (-25,000)

• Federal government quits hit a series high of 46,000 in September.

• Quits increased in:

  • Arts, entertainment & recreation (+38,000)

  • Information (+21,000)

The quits is at the lowest since 2020. That is indicative of a jobs market that has some anxiety. People tend to quit jobs when they are confident of getting another job. That is not the case now. However, it was for October in the midst of a shutdown

We saw initial jobless claims last week move below 200K. It was Thanksgiving week which can be influenced by seasonals but we will see. The ADP data today, saw a move back to positive after being negative more recently (with the ADP monthly coming in negative).

This article was written by Greg Michalowski at investinglive.com.