Job Openings and Labor Turnover: October 2024

Historical release narrative reproduced from the official public-domain source. Statistical tables, standard technical appendices, administrative material and attendance rosters are omitted; formatting is adapted for reading. Figures retain the release's historical context and may have been revised. Consult the linked source for the complete document.

The number of job openings was little changed at 7.7 million on the last business day of October, the U.S. Bureau of Labor Statistics reported today. Over the month, hires changed little at 5.3 million. The number of total separations was little changed at 5.3 million. Within separations, quits (3.3 million) increased, but layoffs and discharges (1.6 million) changed little. This release includes estimates of the number and rate of job openings, hires, and separations for the total nonfarm sector, by industry, and by establishment size class.

Job Openings

The number of job openings was little changed at 7.7 million on the last business day of October but was down by 941,000 over the year. The job openings rate, at 4.6 percent, changed little over the month. The number of job openings increased in professional and business services (+209,000), accommodation and food services (+162,000), and information (+87,000) but decreased in federal government (-26,000). (See table 1.)

Hires

In October, the number of hires changed little at 5.3 million but was down by 501,000 over the year. The hires rate was little changed at 3.3 percent. Hires decreased in private educational services (-24,000). (See table 2.)

Separations

Total separations include quits, layoffs and discharges, and other separations. Quits are generally voluntary separations initiated by the employee. Therefore, the quits rate can serve as a measure of workers’ willingness or ability to leave jobs. Layoffs and discharges are involuntary separations initiated by the employer. Other separations include separations due to retirement, death, disability, and transfers to other locations of the same firm.

The number of total separations in October was little changed at 5.3 million but was down by 369,000 over the year. The total separations rate was 3.3 percent for the third month in a row. (See table 3.)

In October, the number of quits increased to 3.3 million (+228,000) but was down by 308,000 over the year. Over the month, the quits rate increased to 2.1 percent. Quits increased in accommodation and food services (+90,000). (See table 4.)

In October, the number and rate of layoffs and discharges changed little at 1.6 million and 1.0 percent, respectively. Layoffs and discharges increased in retail trade (+60,000) but decreased in durable goods manufacturing (-37,000) and in private educational services (-14,000). (See table 5.)

The number of other separations changed little at 301,000 in October. (See table 6.)

Establishment Size Class

The hires rate for establishments with 1 to 9 employees decreased in October, while the job openings, quits, layoffs and discharges, and total separations rates showed little change. For establishments with 5,000 or more employees, the job openings, hires, quits, layoffs and discharges, and total separations rates showed little change. (See table 7.)

September 2024 Revisions

The number of job openings for September was revised down by 71,000 to 7.4 million, the number of hires was revised up 24,000 to 5.6 million, and the number of total separations was unchanged at 5.2 million. Within separations, the number of quits was revised up by 27,000 to 3.1 million, and the number of layoffs and discharges was revised down by 31,000 to 1.8 million. (Monthly revisions result from additional reports received from businesses and government agencies since the last published estimates and from the recalculation of seasonal factors.)