October JOLTS: Quits coming down, taking openings with them
|Summary
The October JOLTS reports offers one more sign that the hiring frenzy of the past year is starting to die down. Job openings fell to 10.33M and are nearly 7% lower than this time last year. Fewer voluntary departures are likely helping to reduce total openings as the need to refill positions eases amid lower turnover. The number of workers quitting their job fell for the sixth time in seven months and should help to keep a lid on wage pressures. Layoffs, however, were little changed and suggest that while cracks are emerging in the labor market, it is far from crumbling.
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