U.S. Job Openings Rise In October, But Hiring Slows

The number of job postings in the United States rebounded in October, recovering from a 3.5-year low in September.

Job openings surged in industries such as professional and business services—which include roles like engineers, managers, and accountants—as well as in restaurants, hotels, and information technology. I Photo: Photo: Ford Motor Company

This suggests that businesses are still seeking workers despite a slowdown in hiring, Christopher Rugaber reported for the Associated Press (AP).

Job openings increased by 5% to 7.7 million in October, up from 7.4 million in September, according to the Labor Department's report on Tuesday. The rise indicates the possibility of stronger job gains in the coming months.

However, the figure remains significantly lower than the 8.7 million job postings recorded a year ago.

Notably, job openings surged in industries such as professional and business services—which include roles like engineers, managers, and accountants—as well as in restaurants, hotels, and information technology.

The report also showed a rise in the number of people quitting their jobs in October, reflecting confidence in the labor market.

Layoffs dropped to just 1.6 million, marking one of the lowest levels in over two decades before the 2020 pandemic.

Overall, the data points to a stabilizing job market characterized by moderate hiring levels and exceptionally low layoffs. Despite the recent slowdown in job growth—primarily caused by hurricanes and a strike at Boeing—the unemployment rate remains low at 4.1%.