Job Openings and Quits Dip in October

Wells Fargo Research Team Wells Fargo

Job openings and hires fell modestly in October, consistent with a gradual deceleration in employment amid a tightening labor market. Voluntary turnover disappointed, as quits declined by the most since January.

Job Openings Continue to Moderate

Job openings declined to 5.5 million in October, a slight pullback from a revised 5.6 million registered in September.
Job openings have risen the most in the Northeast and West over the past year. By sector, natural resources & mining and information continued to lag in October, although these industries represented just 1.9 percent of total private sector openings.

Quits Disappoint, but Layoffs Remain Low

Quits declined by 66,000 in October, the largest decline since January. The quite rate has stubbornly remained at 2.1 percent for five consecutive months. Continued improvement in quits should bode well for an acceleration in productivity and wages.
Layoffs, however, remain exceptionally low. Amidst a tight labor market and slow productivity growth, employers appear to be holding on tightly to existing workers.

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Wells Fargo Research Team

Wells Fargo

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