Job openings remained essentially flat from September to October at around 7.67 million, according to government figures published Tuesday.
The Job Openings and Labor Turnover Survey (JOLTS) for October, published monthly by the U.S. Bureau of Labor Statistics (BLS), suggests the “low fire, low hire” job market that emerged over the summer persisted during the U.S. government shutdown that began on Oct. 1 and ended Nov. 12.
The job openings rate during October was about 4.6%, while the job hiring rate was 3.2%.
Though the BLS canceled publication of the September JOLTS report due to the shutdown, BLS included an estimate of September job openings of 7.65 million, an increase of 400,000 jobs from the 7.23 million in August and 7.21 million in July.
Economists polled by Reuters had predicted 7.15 million job openings in October.
The layoff rate ticked up to 1.2% in October from 1.1% in September and August. Total separations, which include quits, layoffs, firings and other separations, changed little from previous months at 5.1 million, a rate of 3.2%.
The number and rate of quits, specifically, also changed little from previous months, at 2.9 million and 1.8% respectively, down from 1.9% in August and 2% one year ago.
Investors and policymakers still lack key government employment reports as the Federal Reserve convenes this week for its final policy meeting of 2025. The Fed has a dual mandate to maintain stable prices and maximum employment.
Each side of the Fed’s dual mandate has been in tension in 2025 as job creation has slowed, unemployment has gradually risen and the annual pace of inflation remains near 3%, well above the Fed’s stated 2% target.
The national unemployment rate ticked upward in September to 4.4%, its highest level since October 2021, according to a shutdown-delayed September jobs report from the U.S. Census Bureau published in mid-November. Hiring also rose in September, however.
Policymakers voted to reduce the fed funds rate by 0.25% at consecutive Federal Open Market Committee (FOMC) meetings in September and October, lowering the overnight lending rate for banks to its current range of 3.75% to 4%.
That decision produced two formal dissents and “strongly differing views” among Fed officials as to the prudence of cutting rates again in December. Policymakers’ distinct forecasts of the economy produce those diverging views, Powell explained at a press conference following October’s meeting.
Powell also underscored how Fed officials see labor markets stabilizing in a gradual cooling trend, with months of stagnant job creation the product of a dramatic reduction in the supply of new workers due to Trump administration immigration policy, declining labor force participation and shrinking demand for workers.
“We do not see the weakness in the job market accelerating,” Powell said.
The Census Bureau canceled the publication of its October jobs report, on account of the shutdown, and will not publish its November employment summary until Dec. 16 — after this week’s FOMC meeting concludes on Dec. 10.
Payroll processing firm ADP reported last week that private employers in November reversed October job gains, shedding 32,000 of the 47,000 jobs added the prior month. Private payrolls shed 29,000 jobs in September and 3,000 jobs in August.
As many as five of the FOMC’s 12 voting members have expressed opposition to a December rate cut in public remarks, on account of elevated inflation, while four have voiced support for lowering the fed funds rate by 0.25% or more, citing fears of more job losses.
