US business advertise near-record 11 million open jobs
U.S. employers posted 11 million open jobs in October, nearly matching a record high reached in July and a sign that companies were confident enough in the economy to expand
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.U.S. employers posted 11 million open jobs in October, nearly matching a record high reached in July and a sign that companies were confident enough in the economy to expand.
A government report Wednesday also showed that the number of people quitting their jobs dropped slightly in October to 4.2 million, from 4.4 million in September, though that is still the third-highest number of monthly resignations on records dating back to 2000.
The figures from the Labor Department s Job Openings and Labor Turnover survey, or JOLTS, show that with so many companies chasing relatively few unemployed people, job-seekers have the most bargaining power they have had in at least two decades. Wages are rising at a healthy pace, particularly for lower-paid employees, though much of that bump in pay is being eroded by higher inflation.
Larger paychecks are luring many employees to leave their jobs for new work, pushing up the number of quits. A high number of resignations is a sign of a strong labor market because it shows that people are confident they can find a new job. The vast majority of people who quit do so to take new jobs.
Separate data from the Federal Reserve Bank of Atlanta shows that people switching jobs are receiving bigger pay raises than those who stay put.
Job openings rose about 4% in October to 11 million, just below July's peak of 11.1 million. The biggest increase was in restaurants, bars and hotels, where they leapt nearly 20% to 1.6 million.
Subscribe to Independent Premium to bookmark this article
Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today.