JOLTS: A mixed bag
|Summary
The JOLTS data for September and October were a mixed bag. On the positive side, openings jumped from 7.2 million in August to 7.7 million in October, an encouraging pop that brought openings per unemployed worker back to roughly a 1:1 ratio. That said, the quits rate dropped to 1.8%, its lowest reading since the depths of the pandemic in 2020. The layoff rate also inched higher to 1.2% in October. Although this remains low by historical standards, it matched the highest monthly reading since the pandemic ended.
On balance, the jump in openings is a positive sign that suggests some stabilization in labor demand during the fall months, but the underlying details suggest workers currently face a labor market that is slightly on the wrong side of full employment.
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