Nick Bunker, economic research director at jobs site Indeed, says the latest JOLTS numbers paint a picture where workers still have the advantage to leverage the tight market for higher pay or better work conditions, or else have their hand at plenty of opportunities elsewhere.October's robust 11 million job openings is just below a recent high of 11.1 million vacancies in July.
The "dramatic" gap between job openings and new hires in October shows it's taking a lot of time for employers to fill open positions, says Gad Levanon, chief economist at the Conference Board, a think tank. There were 67 unemployed workers per 100 job openings in October 2021, even tighter than the roughly 82 unemployed workers per 100 job openings in February 2020 before the pandemic.October's slight drop in turnover was driven by a decrease in quitting activity in the leisure and hospitality sector, which could signal that the benefits of job-hopping, like finding better pay and work, are waning in the sector over time.
Bunker notes that quitting is up most in lower-wage sectors where demand is high, particularly for in-person services, whereas quitting is down slightly in some office-based, higher-wage work that can be done remotely.Overall, "it's still a very tight labor market," Levanon says, and employers have responded by offering higher pay and bonuses for new hires throughout the year.data shows companies are setting aside a record-high 3.