US Job Openings Rise In September
Economists are looking for the labor market to have offered 3.84 million job openings in September, down slightly from 3.88 in August.
The JOLTS report is the wrongfully neglected sibling of the BLS' monthly jobs report, but it is nonetheless a crucial labor market indicator.
In fact, soon-to-be Fed chair Janet Yellen has cited the report before as one she keeps a keen eye on.
The report will offer data on job openings, hires, quits, and layoffs, giving us a fuller picture of the status of the labor market.
"The hiring rate is well below the pre-recession level, but mainly because the separation rate is lower as well; net employment growth has been sufficient to keep unemployment trending down," High Frequency Economics' Jim O'Sullivan wrote to clients. "In turn, the main factor behind the still-low separation rate is the low quit rate. To some extent, the drop in the quit rate may be due to the aging of the population, with younger people more likely to job hop. However, much of it likely reflects still-high risk aversion after a severe financial crisis and recession. From that perspective, a rising quit rate would be a good sign. As we have written before: We need more quitters!"