US job vacancies increased 1:01
New York (CNN Business) -
The search for workers by American companies was not easier this fall.
In October, available jobs in the country unexpectedly jumped to 11 million, new data from the Bureau of Labor Statistics showed on Wednesday.
Although this figure is lower than the 11.1 million in July, it far exceeds the 10.4 million expected by economists, which would have been a slight decrease compared to the previous month.
Instead, job vacancies increased by more than 400,000.
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The leisure and hospitality sector, particularly hotels and food services, recorded the largest increase in available jobs.
"The recruiting market has been driven in large part by the extraordinarily large and rapid increase in demand," said Nick Bunker, research director for Indeed's recruiting lab.
"Given that the increase in job openings in this report was likely due to a decline from the latest wave of the pandemic, the question now is whether the omicron variant cools the job market."
Meanwhile, hires stood at 6.5 million in October, underscoring that the problem of worker shortages remains.
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"Hiring in the private sector fell, reflecting the frustration employers are feeling. They are already increasing wages, adding more benefits ... carrots that should work to attract workers," said Jennifer Lee, senior economist at BMO .
"Job separations also fell. And interestingly, fewer people quit their jobs in the month, which is good news."
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The number of American workers who quit their jobs fell by more than 200,000 that month to 4.2 million, below the record reached in September.
In principle, the idea of people voluntarily quitting their jobs for higher pay, benefits, or better opportunities is seen as a good thing for workers.
But economists remain cautious, wondering if rising wages and hiring bonuses will provide long-term benefits to employees at the bottom of the pay scale.
The number of layoffs last month: 1.4 million.
It remained more or less unchanged.
"Under normal circumstances, a near-record number of job openings would be something to celebrate. But no employer is in the mood to celebrate," Lee said in a note to clients.
"It's difficult to fulfill orders or meet customer demands if there aren't enough people to do the actual work."
Jobs in the United States