Nearly two open jobs for every unemployed person, data shows
(The Center Square) — There are nearly two open jobs for every unemployed person in the United States, according to new employment data from the U.S. Bureau of Labor Statistics.
The federal Data showed that the number of job vacancies rose to 10.7 million in September, up about 437,000 from the previous month after a significant drop in August.
“Based on today’s post, there are now 1.9 job openings for every unemployed person,” Harvard economics professor Jason Furman wrote on Twitter. “That’s slightly less tight than the ratio of 2.0 earlier this year, but just barely. This level of labor market tightness is consistent with continued rapid nominal wage growth and high inflation.
Hirings and layoffs fell slightly.
“The number of hires fell slightly to 6.1 million, while the total number of departures fell to 5.7 million. Within separations, resignations (4.1 million) were little changed and layoffs and layoffs (1.3 million) were down slightly,” the BLS said. “This release includes estimates of the number and rate of job openings, hirings, and departures for the entire nonfarm sector, by industry and establishment size class.”
Job openings vary by industry.
“In September, the strongest increases in job vacancies were in accommodation and food services (+215,000); health care and social assistance (+115,000); and transportation, warehousing and utilities (+111,000),” BLS said. “The number of job vacancies fell in wholesale trade (-104,000) and in finance and insurance (-83,000).”