Thread by @DanielBZhao

Job openings rebounded to 11 million in Oct, just barely below record highs.

Job openings are rising again after the peak of the Delta slowdown in Sep and as hiring in leisure & hospitality picks up again.

#JOLTS 1/

The increase in job openings was concentrated in accommodation & food services as employers felt more comfortable hiring with the Delta wave starting to wane in Oct. Remains to be seen whether that will continue in Nov given the slow #jobsreport we saw last Fri.

#JOLTS 2/

There are 0.67 unemployed workers per job opening (or ~1.5 job openings per unemployed), the largest imbalance since the JOLTS survey began in 2000.

In raw terms, if every unemployed worker was matched to a job, there would be 3.6 million unfilled jobs leftover.

#JOLTS 3/

Quits fell to 4.2 million in October, but are still near record highs. The reduction in quits is likely due to fewer Covid-induced quits as the Delta wave began to wane in October.

#JOLTS 4/

The decline in quits was more widespread than the increase in openings, but leisure & hospitality still saw one of the largest declines. Transportation, warehousing & utilities was another large contributor.

#JOLTS 5/

Job openings rose while quits fell in Oct, reversing the trend seen in Aug & Sep as Delta was surging. Suggests to me Oct's data is about the job market recovering modestly from the Delta wave.

(Pls excuse the rough chart)
#JOLTS 6/

Today's #JOLTS report points to a job market recovering from the Delta slowdown as some Covid-induced quits fade and job openings rebound. However, it also points to the fact that demand still vastly exceeds worker supply as the pandemic continues to grip the job market.

7/7