October 2022 #JOLTS Report: Strong and steady
Job openings down to 10.3 million
Private sector quits rate flat at 2.9%
Total layoffs steady at 0.9%
The ratio of job openings to unemployed workers ticked down to 1.7 from 1.9 in September, continuing its moderation in 2022.
But it's still very elevated from pre-pandemic level.
The quits rate continued to moderate, but the pace of descent is not very rapid.
Continued strong levels of job switching would keep nominal wage growth robust.
Notable that the slowdown in quitting in Leisure and Hospitality and Retail Trade looks to be arresting. Might even be reversing in L&H!
Tech sector layoffs are grabbing headlines, but in total layoffs are still very low.
The layoffs and discharges rate has now been below the pre-pandemic low for 20 straight months.
Layoff rates across broad industry groups are below their Feb 2020 level with one exception: Information, the one that contains many tech companies.
You can also see that quitting, a sign of worker confidence, has take a dive in Information.
The relationship between unemployment and quitting has been returning to pre-pandemic relationship, but the trend paused in October.
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