The latest Job Openings and Labor Turnover Survey (JOLTS) showed that job openings rose from 9.5 million in August to 9.55 million in September, beating expectations. However, 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, and this low rate suggests there’s a lack of employers trying to entice workers with other offers.
What’s the bottom line? Despite the monthly increase, job openings are down by 1.3 million when compared to the same time last year. Plus, the reported total for this September 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, meaning the report may not be as strong as the headlines suggest.