The number of of job openings in November rose from October but down compared to the previous year.
The data from the US Bureau of Labor Statistics (BLS) highlights stability in job openings, hires, and separations but reveals year-over-year declines across several key areas.
Job Openings Hold Steady
Total job openings in November stood at 8.1 million, up from 7,839 million in October, but show a drop of 833,000 compared to November 2023. The job openings rate remained steady at 4.8%.
Increases were reported in professional and business services (+273,000), finance and insurance (+105,000), and private educational services (+38,000).
However, the information sector saw a decline of 89,000 openings.
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Hires Slightly Down
The number of hires in November remained stable at 5.3 million but fell by 300,000 compared to the same period last year. The hires rate also remained unchanged at 3.3%.
Separations Overview
Total separations, encompassing quits, layoffs, and other separations, held steady at 5.1 million in November, a drop of 287,000 from 2023. The separations rate showed no significant change at 3.2%.
Quits
Quits decreased to 3.1 million in November, a monthly decline of 218,000 and a year-over-year drop of 451,000.
The quits rate fell to 1.9%, indicating reduced worker mobility or willingness to leave jobs. Key declines were observed in accommodation and food services (-85,000) and arts, entertainment, and recreation (-22,000).
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Layoffs and Discharges
Layoffs and discharges were little changed in November, totaling 1.8 million. However, this figure reflects an annual increase of 219,000. The layoffs rate held steady at 1.1%.
The accommodation and food services sector saw a notable increase of 102,000 layoffs.
Other Separations
The number of other separations, which includes retirements, transfers, and deaths, remained largely unchanged at 296,000 in November.
Industry and Establishment Size Insights
For small businesses with 1 to 9 employees, layoffs and discharges rates decreased, while job openings, hires, total separations, and quits remained stable.
In larger establishments with 5,000 or more employees, no significant changes were observed across job openings, hires, separations, or quits.
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October 2024 Revisions
The BLS revised its October 2024 estimates based on updated reports and seasonal adjustments.
Job openings were revised up by 95,000 to 7.8 million, hires increased by 81,000 to 5.4 million, and total separations rose by 45,000 to 5.3 million.
Within separations, quits were adjusted down by 43,000 to 3.3 million, while layoffs and discharges were revised up by 115,000 to 1.7 million.
