Today's Report (12/08/2021)

The number of job openings increased to 11.0 million on the last business day of October, the U.S. Bureau of Labor Statistics reported today. Hires were little changed at 6.5 million and total separations edged down to 5.9 million. Within separations, the quits rate decreased to 2.8% following a series high in September. The layoffs and discharges rate was unchanged at 0.9%. This release includes estimates of the number and rate of job openings, hires, and separations for the total nonfarm sector, by industry, by four geographic regions, and by establishment size class.

Job Openings

On the last business day of October, the number of job openings increased to 11.0 million (+431,000). The job openings rate was little changed at 6.9%. Job openings increased in several industries with the largest increases in accommodation and food services (+254,000); nondurable goods manufacturing (+45,000); and educational services (+42,000). Job openings decreased in state and local government, excluding education (-115,000). The number of job openings increased in the South region.

Hires

In October, the number of hires was little changed at 6.5 million. The hires rate was unchanged at 4.4%. Hires decreased in finance and insurance (-96,000). Hires increased in educational services (+54,000) and in state and local government education (+37,000). The number of hires was little changed in all four regions.

Separations

In October, the number of total separations edged down to 5.9 million (-255,000). The total separations rate was little changed at 4.0%. The number of quits decreased in October to 4.2 million (-205,000). The quits rate decreased to 2.8%. In October, the number of layoffs and discharges was little changed at 1.4 million. The layoffs and discharges rate was unchanged at 0.9%. The number of other separations was little changed in October at 373,000.


What is it?

It publishes the total number of new hires and layoffs in the month, as well as how many job openings remained in that period.

How does it affect the markets?

The reaction is generally muted.

A survey done by the US Bureau of Labor Statistics to help measure job vacancies. It collects data from employers about their businesses employment, job openings, recruitment, hires, and separations.

JOLTS defines Job Openings as all positions that are open (not filled) on the last business day of the month. A job is "open" only if it meets all three of the following conditions:

1. A specific position exists and there is work available for that position.

2. The job could start within 30 days, whether or not the establishment finds a suitable candidate during that time.

3. There is active recruiting for workers from outside the establishment location that has the opening.

A reading that is stronger than forecast is generally supportive (bullish) for the USD, while a weaker than forecast reading is generally negative (bearish) for the USD.