The Job Openings and Labor Turnover Survey (JOLTS). Here is why it’s important and another datapoint.

This report tells us the number of job openings each month, how many workers were hired and how many quit their job. Additionally how many were laid off and how many experienced other separations.

Here are the numbers:

1. Job openings in August, rose from 8.92M to 9.61M. Stronger than expected
2. Hiring rate stayed the same at 3.7%.
3. Quit rate is 2.3% unchanged. Lowest since January 2021
4. Job openings down 6% Y/Y. Indeed reported September showing job openings down 15% Y/Y.

When workers are more confident about the labor market, the quits rate tends to increase.

One of the challenges is the Feds are still talking rate increases. The data is telling us the economy is slowing down.