2025-12-10
US October JOLTS Job Openings Edge Up to 7.67 Million, Labor Market Stabilizing
The US Bureau of Labor Statistics released the October 2025 JOLTS report on December 9. Total job openings rose slightly to 7.67 million, a five month high, inching up from September and increasing by about 470,000 from roughly 7.2 million in August. The data suggests the labor market is gradually stabilizing after the government shutdown. The job openings rate remained at 4.6 percent, below the pre pandemic average but about 5 percent lower than the same period last year. Hiring and total separations both held steady at around 5.1 million, while the quits rate stayed at 3.2 percent, reflecting employers’ cautious hiring stance and still low worker mobility.
Key details for October JOLTS:
Total job openings reached 7.67 million with modest growth; gains were concentrated in trade, transportation, and retail due to mild holiday season demand, while federal government openings fell by 25,000 month over month.
Quits totaled about 2.9 million, with a quits rate of 1.8 percent, flat month over month but down 276,000 year over year; accommodation and food services decreased by 136,000, and healthcare and social assistance decreased by 114,000.
Layoffs and discharges were 1.9 million, with a rate of 1.2 percent, unchanged from the prior month; accommodation and food services increased by 130,000 due to the government shutdown and the delayed Thanksgiving period.
Small businesses saw an increase in openings, but the ADP report showed 24,000 layoffs in October, with hiring still lagging.
Construction demand weakened, with hiring, quits, and layoffs all falling. Although annual wage growth increased, the sector was dragged by a shortage of immigrant labor.
The overall hiring rate was 3.2 percent, lower than the pre pandemic average of 3.9 percent, reflecting employers’ cautious economic outlook.
The October JOLTS data indicates that the labor market is stabilizing, with no significant deterioration in quits or layoff rates. It signals “still tight but cooling conditions,” reducing the urgency for the Federal Reserve to begin rate cuts at the FOMC meeting tonight. In the near term, this slightly resilient employment structure, combined with wage and services inflation still above target, reinforces the Fed’s stance of holding rates steady and emphasizing data dependence. Market expectations for a rate cut before year end may be revised down further, with the first cut more likely to be postponed to next year and heavily dependent on the performance of upcoming nonfarm payrolls, inflation data, and new JOLTS reports over the next one to two months.
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