According to our analysis USDJPY and EURUSD moved 18 pips on US BLS Job Openings and Labor Turnover Survey (JOLT) data on 3 December 2024.
USDJPY (15 pips)
EURUSD (3 pips)
Charts are exported from JForex (Dukascopy).
October 2024 Job Openings and Labor Turnover Report: What You Need to Know
The U.S. Bureau of Labor Statistics (BLS) released its latest Job Openings and Labor Turnover Summary (JOLTS) for October 2024, and the data highlights some key trends in the U.S. labor market. While overall movement was subdued, there were notable shifts in specific sectors and categories. Here's a breakdown of what the numbers tell us about the current state of employment.
1. Job Openings Hold Steady but Show Yearly Decline
On the last business day of October 2024, there were 7.7 million job openings, a figure relatively unchanged from the previous month. However, compared to the same time last year, job openings have declined by 941,000, reflecting a possible cooling in labor demand.
Key changes by sector:
Increases:
Professional and business services: +209,000
Accommodation and food services: +162,000
Information: +87,000
Decrease:
Federal government: -26,000
The job openings rate remained steady at 4.6%, a potential sign that employers are cautious about expanding their workforce.
2. Hiring Trends: Slight Decline Over the Year
The number of hires remained unchanged at 5.3 million in October but has dropped by 501,000 over the past year. This marks a continued trend of slower hiring. The hires rate also stayed steady at 3.3%, reflecting limited changes in the pace of workforce growth.
Noteworthy sectoral shifts:
Decline in private educational services: -24,000
3. Separations and Quits: Workers Regaining Confidence?
Total separations, which include quits, layoffs, and other reasons, were little changed at 5.3 million but were down 369,000 compared to last year. The total separations rate has held firm at 3.3% for three consecutive months.
A closer look:
Quits: Increased to 3.3 million (+228,000 over the month), raising the quits rate to 2.1%. This could indicate growing confidence among workers to leave their jobs for better opportunities.
Biggest rise in quits: Accommodation and food services (+90,000)
Layoffs and Discharges: Stable at 1.6 million (1.0% rate), though retail trade saw an increase (+60,000), while durable goods manufacturing (-37,000) and private educational services (-14,000) declined.
4. Establishment Size Matters
When breaking down the data by establishment size:
Small businesses (1–9 employees): Saw a decrease in the hires rate.
Large organizations (5,000+ employees): Little to no change across job openings, hires, quits, and separations, reflecting more stability.
5. September Revisions: Adjustments Reflect New Data
As is common, revisions were made to the September 2024 figures:
Job openings were revised down by 71,000 to 7.4 million.
Hires were revised up by 24,000 to 5.6 million.
Separations remained unchanged at 5.2 million.
Notably, quits were revised upward by 27,000, while layoffs and discharges saw a downward revision of 31,000.
What This Means for Employers and Workers
For employers:
The relatively stable job openings and hiring rates suggest caution in expanding payrolls, despite sectoral variations.
Industries like accommodation and food services are seeing a surge in quits, potentially signaling challenges in retaining workers.
For workers:
The uptick in quits indicates a possible increase in confidence, as employees feel more comfortable exploring new opportunities.
Stable layoffs and discharges suggest a degree of security for most employed individuals.
Looking Ahead
The next JOLTS release, covering November 2024, is scheduled for January 7, 2025. As we head into the new year, it will be important to watch whether these trends hold steady or shift in response to broader economic developments.
Stay tuned for more updates and insights as the labor market continues to evolve.
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