Job Openings Drop to Lowest Level Since Early 2021

The number of job openings in the United States declined to 7.4 million in September, down from 7.9 million in August and 9.3 million in September 2023.

The Bureau of Labor Statistics (BLS) released these figures Tuesday (Oct. 29) in a press release and table about its Job Openings and Labor Turnover Summary (JOLTS).

The decline in job openings continued a two-year downward trend and brought the number to its lowest level since early 2021, Bloomberg reported Tuesday.

September’s figure came in lower than predicted by economists, according to the report. Those surveyed by Bloomberg had expected to see 8 million job openings.

“The decline in job openings stands in stark contrast to most of September’s labor-market data,” Stuart Paul, U.S. economist at Bloomberg, said in the report. “We think declining demand for workers will become increasingly evident across labor indicators in [the] months ahead.”

Reuters, too, reported Tuesday that the economists it polled had forecast 8 million job openings in September.

The fall in job openings pointed to “considerable easing” in the labor market, the report said.

The greatest decreases in job openings in September were in healthcare and social assistance; state and local government, excluding education; and federal government, according to the BLS press release. Those figures were down by 178,000, 79,000 and 28,000, respectively.

At the same time, there were 85,000 more job openings in finance and insurance, per the release.

The BLS gauged the number of hires in September at 5.6 million, up from 5.4 million in August but down from 5.9 million in September 2023.

The number of total separations in September was 5.2 million, unchanged from the previous month but down from 5.5 million a year earlier. The number of quits, the number of layoffs and discharges, and the number of other separations were little changed from August, according to the release.

The Department of Labor reported Thursday (Oct. 24) that insured unemployment reached its highest level in about three years during the week ended Oct. 12.

At 1,897,000, the insured unemployment figure was 28,000 higher than the previous week and the highest level since Nov. 13, 2021.