The latest Job Openings and Labor Turnover Survey (JOLTS) showed that job openings fell significantly to 8.7 million in October from 9.4 million in September, missing expectations. The hiring rate stayed the same at 3.7%, which is the lowest since the shutdowns during the pandemic. The quit rate at 2.3% was also unchanged for the fourth consecutive month, and this low rate suggests there’s a lack of employers trying to entice workers with other offers.

What’s the bottom line? Job openings are down by 1.7 million when compared to the same time last year. Plus, the reported total for this October is likely overstated. The increase in working from home means job listings are being posted in multiple states more frequently. As a result, they’re being overcounted in the JOLTS total, suggesting that the report may be even weaker than the numbers suggest.