Job Openings Up, Hiring Down in October

In October 2024, job openings across the United States increased by 400,000 to 7.7 million; although, this figure reflected a decline of 941,000 compared to the previous year, according to the October Job Openings and Labor Turnover Summary released by the U.S. Bureau of Labor Statistics. The job openings rate held at 4.6%. There were notable increases in professional and business services (+209,000), accommodation and food services (+162,000) and information (+87,000), while federal government job openings decreased by 26,000.

While job openings trended up, hiring levels trended down in October, standing at 5.3 million but down by 501,000 year-over-year. The hires rate remained at 3.3%.

“There’s a lot of cause for optimism. The fact that job openings ticked up is always an encouraging sign.”

- Corey Stahle, economist at Indeed, the job listings website

Total separations—encompassing quits, layoffs, discharges and other separations—stayed relatively constant at 5.3 million, down 369,000 from the prior year. The total separations rate remained at 3.3% for the third consecutive month.

Quits, a measure of employees’ willingness or ability to leave their jobs, rose to 3.3 million in October (+228,000), although this figure was 308,000 lower than a year earlier. The quits rate increased to 2.1%, with the most significant rise in accommodation and food services (+90,000).

Layoffs and discharges, representing employer-initiated separations, remained unchanged at 1.6 million and a rate of 1.0%. However, some sectors saw fluctuations: Retail trade layoffs increased by 60,000, while durable goods manufacturing and private educational services saw decreases of 37,000 and 14,000, respectively. Other separations, including retirements and internal transfers, remained consistent at 301,000.

Employer Takeaways

October’s data suggests the job market is stabilizing, with steady hiring and low layoffs. With 1.1 job openings per unemployed worker, the labor market shows resilience. However, this ratio has declined from its peak during the post-pandemic hiring surge as businesses scale back their recruitment efforts. Heading into 2025, employers should continue to monitor the changing labor market.

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