Quits rate climbs to 2.9%
number of Work Openings in the US slipped from record highs in August as drop rates hit record highs.
According to the Labor Department’s Job Openings and Labor Turnover Survey, or JOLTS, the total number of job openings fell from 659,000 at the end of August to 10.439 million. The July reading was increased from 164,000 to 11.098 million.
Economists surveyed by Refinitiv were expecting 10.925 million available jobs.
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Industries that saw the greatest reduction in employment opportunities included health care and social assistance (-224,000), housing and food services (-178,000) and state and local government education (-124,000). Increased job opportunities in the federal government (+22,000).
Meanwhile, hiring declined in housing and food services (-240,000) and state and local government education (-160,000).
This increased the total dropouts from 242,000 to 4.3 million. The dropout rate reached a record high of 2.9%.
Housing and food services (+157,000), wholesale trade (+26,000) and state and local government education (+25,000) increased.
Total separations, which include quitting, layoffs and leave, and other separations were little changed at 6 million.
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There have been 72.6 million hires and 66.7 million layoffs in the last 12 months, resulting in a net employment gain of 5.9 million.