The U.S. job openings in September reached their lowest level in nearly three years, according to data released by the U.S. Bureau of Labor Statistics on October 29.

Job openings fell by 418,000 to 7.443 million, marking the lowest level since January 2021, with the job opening rate declining by 0.2 percentage points to 4.5%. This decrease was primarily observed in the healthcare and social assistance sector (-79,000) and government roles (-107,000).

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Hires rose by 128,000 to 5.558 million, with the hiring rate increasing by 0.1 percentage points to 3.5%.
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Total separations rose by 280,000 to 5.196 million, maintaining a separation rate of 3.3%.

Quits dropped by 107,000 to 3.071 million, with the quit rate declining by 0.1 percentage points to 1.9%, the lowest since June 2020. Layoffs, however, rose by 165,000 to 1.833 million, pushing the layoff rate up by 0.2 percentage points to 1.2%, the highest since January 2023.

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Overall, the U.S. labor market continues to show signs of cooling. While employment data from July to September indicates some improvement, this may largely reflect a seasonal increase in short-term labor demand over the summer.

The cooling trend, marked by a decrease in job openings and a steady layoff rate, suggests the labor market remains relatively balanced. Strong economic indicators further reinforce market expectations that the Federal Reserve may proceed with a 0.25% rate cut at the upcoming November 7 meeting.

• Job Openings and Labor Turnover Summary