Job Openings Drop By 418,000 As Quits Show Major Weakness

Job openings and quits are for September and not impacted by HurricanesThe BLS released the (JOLTS) for September on Wednesday. I am catching up today.

At the March 2022 peak, there were 11,773,000 job openings vs an unemployment level of 5,993,000. There were nearly two openings per those unemployed.

There are now 7,443,000 opening vs an unemployment level of 6,834,000. The unemployment level will soon top openings.

Quits are voluntary separations. The number of quits is well below the pre-Covid level.

The number of openings is suspect. Many positions are fake or stale. Others exist only if the exact right person comes along.In contrast, quits are hard data, representing actions, not words. Quits are a measure of ability to find another job at better pay or benefits plus retirements.Given the surge of boomer retirements, quits show remarkable weakness.Job Quits by Sector in ThousandsJob quits in Leisure and Hospitality, the overlapping Accommodation and Food Service sector, and Retail Trade have collapsed.If you quit a job or are laid off, it’s not that easy to find another job.Job Openings vs UnemploymentAgain, that data is through September.Nonfarm Payrolls Rise a Mere 12,000 with Government Jobs Up 40,000This morning, I reported Jobs were up a mere 12,000 not counting 112,000 negative revisions.Employment fell by 368,000. That’s something I failed to mention so I posted an addendum.The unemployment rate was steady only because 220,000 people dropped out of the labor force.To three decimal places, I calculate the unemployment rate at 4.145 up from 4.051 up 0.094.The unemployment rate is best viewed as an increase of 0.1 percentage points instead of unchanged.More By This Author:Nonfarm Payrolls Rise A Mere 12,000 With Government Jobs Up 40,000 Real Spending Rises 0.4 Percent, Real Disposable Income Up 0.1 PercentReal GDP Increased 2.8 Percent In The Advance 2024 Q3 Estimate