JOLTs October Job Openings Rise To 7.744 Million

Can You Believe It? 𝗝𝗢𝗟𝗧𝗦 Just Blew Past Expectations 😮
October numbers are in and job openings soared to 7.74M, (expected 7.48M) -- making this the biggest monthly increase since August 2023.

𝗛𝗶𝗿𝗲𝘀 𝗮𝗿𝗲 𝗯𝗲𝗵𝗶𝗻𝗱 𝘁𝗵𝗲 𝘁𝗶𝗺𝗲𝘀- 𝘀𝘁𝗮𝘆𝗶𝗻𝗴 𝗮𝘁 𝟱.𝟯𝗠 𝘄𝗵𝗶𝗰𝗵 𝗶𝘀 𝗱𝗼𝘄𝗻 𝗵𝗮𝗹𝗳 𝗮 𝗺𝗶𝗹𝗹𝗶𝗼𝗻 𝗰𝗼𝗺𝗽𝗮𝗿𝗲𝗱 𝘁𝗼 𝗹𝗮𝘀𝘁 𝘆𝗲𝗮𝗿.

But the JOLTS #’s - That’s a jump of 372,000 openings in one month. 😮

GAINS to workforce?
✅ Professional and business services +209K
✅ Accommodation and food services +162K
✅ Information +87K

𝐋𝐚𝐲𝐨𝐟𝐟𝐬 𝐚𝐫𝐞 𝐬𝐭𝐚𝐲𝐢𝐧𝐠 𝐟𝐥𝐚𝐭 𝐚𝐭 𝟏.𝟔𝐌, though retail saw a jump +60K. (That is expected as we have heard this in the news recently too with all the online shopping during the current holidays.)

But, let’s face it, The JOLTS (Job Openings and Labor Turnover Survey) numbers for October 2024 suggest a mixed picture of the job market’s health.

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I know everyone wants to say- YAY the job market is healthy with this info… but with the hiring rate flat and unchanged- you can add as many job openings you want… if hiring isn’t moving, well… that’s a problem. ← My latest You Tube video on the Job Market Crisis.

Here are the signs of strength some see….

Higher-than-Expected Job Openings: Ok- cool this isn’t a bad thing. Job openings soared to 7.74 million, surpassing estimates. This suggests businesses are actively seeking workers, which is often a sign of economic confidence and growth. BUT are they finding the right candidates and how fast are they hiring? That is what comes to mind.

Increased Quits: The quits rate rose to 2.1%, with 3.3 million people voluntarily leaving their jobs. Honestly, from someone in this ecosystem, I cannot stress enough that this is INSANE to do, unless you have another job you are ready to walk into. Higher quits typically indicate workers feel confident about finding better opportunities- and while this can be a hallmark of a strong market- it is an employers market. Don’t forget that.

Industry Gains: Sectors like professional and business services, accommodation and food services, and information saw significant increases in job openings, signaling sector-specific growth. What I can say - besides the professional and business services- the others that are showing growth are NOT career level salaries. So take that with a grain of salt. (No govt’ increase - weird huh? 😉 )

Here are my areas of concern:

Sluggish Hiring: Despite the rise in job openings, hires remained flat at 5.3 million, down 501,000 from last year. This could indicate a mismatch between the skills (we all know this happens lately) employers need and the skills job seekers offer, or cautious hiring practices amid economic uncertainties.

Layoffs and Discharges: While largely steady, layoffs in retail trade increased by 60,000. This might reflect industry-specific challenges rather than a broader trend. Have you see what is happening in construction, and automotive and food industries lately? Don’t get me started on Biopharma… everyday another one bites the dust.

Long-Term Decline in Job Openings: Despite the monthly jump, job openings are down 941,000 year-over-year. Yes, I’m gonna say that again - Despite the monthly jump, job openings are down 941,000 year-over-year.

This decline reflects a cooling from the red-hot job market of the pandemic recovery period.

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So yeah, MIXED results, like I said.

The data suggests the job market is resilient but not without challenges. The increase in job openings and quits points to confidence among both employers and workers.

However, the hiring lag and year-over-year decline in openings signal that the market is becoming more competitive, with a potential skills gap complicating the situation.

For job seekers, this means opportunity exists but being strategic is critical. For businesses, retaining employees and addressing hiring bottlenecks should be top priorities to navigate these shifts effectively.

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With 20 years of experience as career expert, here’s what I’m seeing, and my advice. You must position yourself strategically if you are looking for a job. Companies are being far more selective.

𝗨𝗽𝗴𝗿𝗮𝗱𝗲 𝘆𝗼𝘂𝗿 𝗦𝘁𝗼𝗿𝘆- That narrative is the difference to getting interviews and a higher salary. If you’re looking for a new role, you can’t rely on a basic resume or outdated strategies. LEVEL UP.

𝗔𝗽𝗽𝗹𝘆 𝗗𝗶𝗳𝗳𝗲𝗿𝗲𝗻𝘁𝗹𝘆 - Quits are up because people have options, but most of those options are being unlocked through connections, not job boards. This will be short lived. It is an employers market out there if you did not get the memo.

The numbers are interesting, but what’s happening in your world? I want to know.

Contact me if you’re seeing hiring challenges, shifts in employee behavior, or unexpected trends in your industry. This data means nothing without the context of what’s happening on the ground.

Amanda Goodall is a labor market and economy nerd, performance coach and the coolest resume writer you will ever meet - with 20+ years of experience helping professionals navigate the ever-changing job market.

As the founder of The Job Chick, Amanda’s expertise lies in breaking down complex employment trends and turning them into actionable insights for businesses and job seekers alike. From analyzing the latest reports to advising top executives, she’s passionate about making the workforce work for everyone. Reach out to her to talk shop or geek out over the latest labor market data!