There are 11 million new job openings, and fewer workers are voluntarily leaving their jobs.
On the last day of October, job openings increased from 431,000 to 11 million. However, hiring decreased, causing worker shortage numbers to rise. On Wednesday, the U.S. Department of Labor released its monthly Labor Turnover Survey, also named JOLTS, which showed fewer people have been experiencing layoffs.
“Under normal circumstances, a near record number of job openings would be something worth celebrating,” said Jennifer Lee, a senior economist at BMO Capital Markets in Toronto, Reuters reports. “But no employer is in a celebratory mood. It is difficult to fill orders or meet customer demands if there are not enough people to do the actual work.”
More jobs became available in specific industries, including the food services industry, which saw an increase of 254,000 jobs. The nondurable goods manufacturing industry also saw an increase of 45,000 job openings. State and local government job openings decreased by 115,000, not including roles in education. Most job openings came from the South, with the West and Midwest following behind.
Reuters reports that people getting hired declined by 82,000 jobs to 6.5 million in October. The finance and insurance industry saw most of that impact, with a 96,000 decrease in payroll.
