In October 2024, the number of job openings in the U.S. rose by 372,000, reaching a total of 7.744 million. This increase followed a downward revision of September’s numbers, which were adjusted to 7.372 million. The October data also surpassed market expectations, which had predicted a more modest rise to 7.48 million job openings. This growth highlights a continued demand for workers in several sectors of the economy.

Sector-wise Growth in Job Openings

The job openings growth in October was notably driven by several key sectors. The professional and business services sector saw the largest increase, with job openings rising by 209,000. Accommodation and food services followed closely behind with an increase of 162,000, while the information sector saw a rise of 87,000 openings. These sectors are vital to the economy, and their expansion suggests a continued need for workers in these fields. However, the federal government sector saw a decline of 26,000 job openings, reflecting a contraction in public sector employment.

Regional Trends in Job Openings

Regional distribution of job openings showed some variation. The South experienced the most significant increase, with openings rising by 486,000. This was followed by the West, which saw a rise of 133,000. In contrast, the Northeast experienced a decrease of 195,000 job openings, while the Midwest saw a smaller decline of 52,000. These regional changes may reflect shifting economic conditions and industry trends across different parts of the country.

Stability in Hires and Separations

Despite the increase in job openings, the number of hires and total separations remained relatively stable in October. Both hires and separations stood at 5.3 million, with little change from previous months. Within separations, the number of quits remained steady at 3.3 million, while layoffs and discharges were unchanged at 1.6 million. This suggests that while the job market is expanding, turnover rates and employment transitions are holding steady.