Jolts Report Indicates Strong Job Market

By: Tomas Ronolski - AllPennyStocks.com News

Friday, October 4, 2024

The August JOLTS report showed approximately 8 million job openings in August, up from 7.7 million in July, indicating an undercurrent strength in the labor market. By region, the most significant number of job openings were in the South, while the lowest were in the Northeast.

Layoffs dropped in August, although hiring activity continued to languish. More workers are staying put as the number of people voluntarily quitting their jobs fell to 3.084 million, the lowest level since September 2020. Quitting is often seen as a sign of job confidence.

The latest JOLTS report—which also tracks hiring, quitting, layoff and other turnover activity—indicates some underlying stability in the labor market despite slowing job growth overall. While the nonfarms payroll report provides the number of jobs in the private sector and government agencies, the JOLTS report highlights the number of job openings, broken down by industry. It also provides a granular picture of hires, and separates “quits” (those who voluntarily leave their jobs) from “separations” (which combine quits, layoffs, and terminations).

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