U.S. Labor Market shows modest movement in job openings and labor turnover

According to the latest report released by the U.S. Bureau of Labor Statistics, the landscape of job openings and labor turnover in September 2023 exhibited minimal changes. The data revealed that on the last business day of September, the number of job openings remained steady at 9.6 million. Concurrently, both hires and total separations experienced marginal adjustments at 5.9 million and 5.5 million, respectively.

Within the spectrum of separations, voluntary resignations, or quits, accounted for 3.7 million, while layoffs and discharges stood at 1.5 million, showing nominal alterations. The statistical release encompasses estimations pertaining to job openings, hires, and separations across the total nonfarm sector, segmented by industry and establishment size class.

Job Openings Insights

The data indicates a static figure in job openings, maintaining a firm stance at 9.6 million, with a corresponding unchanged rate of 5.7 percent. Noteworthy variations in job openings were observed across industries: an uptick in accommodation and food services by 141,000 positions and a surge in arts, entertainment, and recreation by 39,000 positions. Conversely, a decline was witnessed in other services (-124,000), the federal government (-43,000), and information (-41,000) sectors.

Hires and Industry Stability

In September, the number of hires persisted at 5.9 million, maintaining a consistent rate of 3.7 percent across all industries.

Separations Overview

Total separations, encompassing quits, layoffs, discharges, and other separations, recorded 5.5 million, maintaining a rate of 3.5 percent. The landscape of total separations witnessed a decrease in state and local government education (-42,000) and nondurable goods manufacturing (-37,000), while federal government separations saw a rise (+8,000).

Specifically, voluntary resignations, a key indicator of employee mobility, remained at 3.7 million with an unaltered rate of 2.3 percent. The information sector saw a rise in resignations (+24,000), while state and local government, excluding education, experienced a decline (-15,000).

Layoffs and discharges totaled 1.5 million, maintaining a rate of 1.0 percent, with a decrease observed in state and local government education (-22,000). Additionally, other separations remained relatively stable at 352,000.

Impact on Establishment Sizes

September saw minimal fluctuations in job openings, hires, and total separations across establishments with 1 to 9 employees. However, establishments with 5,000 or more employees witnessed a slight decrease in the job openings rate.

The September data portrays a labor market with modest variations in job openings, hires, and separations across various sectors and establishment sizes. This consistent trend signals stability in certain industries while reflecting mild shifts in others.