Job hunters may have to deal with fewer job openings during the month of October, but there is no need to worry, according to the Labor Department. Although October posted fewer job openings compared to last month, openings remained at fair levels. They stated that there are no signs of hiring decline, and the info actually points out to steady hiring ahead.
According to the press release by Bureau of Labor Statistics, there were 5 million job openings last October, which is essentially unchanged from 5.49 million last September. Job openings decreased in the fields of business services, professional services, the federal government, mining, and logging. Meanwhile, job openings increased by about +139,000 in the fields of health care and social assistance. Hiring during October also remained essentially unchanged.
It is also to note that the total job turnovers last October is also unchanged. Jobs in state and local government education, information, and federal government showed decreased turnovers. The rate of workers quitting their jobs was reduced in the government, information, state and local government.
Turnover and quits rate can serve as a measure of worker's ability or willingness to leave jobs. The job information last September supported the last week's job report, which showed that the U.S economy added 178,000 jobs and an unemployment rate of 4.6%, a nine-year low.
Meanwhile, layoffs and discharges also remained essentially unchanged from September. Industries in health care and social assistance showed increased layoffs and discharges, while decreases occurred in state and local education.
Despite the solid jobs data, it actually showed that growth has generally been sluggish for most of the year. The slightly weakened data suggests that rate of hiring is not likely to accelerate. Although you and most politicians support the reduction of unemployment, the resulting low unemployment rate on September jobs data means that companies have a smaller pool of available workers to choose from.
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