Demand for workers in U.S. remains solid, 6.1 million job openings recorded in September

Job openings in the U.S were little changed in September. The opening rate was kept at a record high of 4 percent in the month. Meanwhile, turnover continues to be low relative to the number of job openings even as the number of quits increased.

There were 6.1 million job openings recorded at the end of September, implying that demand for workers continued to be solid. The number of openings relative to the size of the employment base was unchanged in September at a cycle high of 4 percent.

In the third quarter, job openings rose 7 percent year-on-year as hiring in commodity-oriented industries rebounded. Job openings had moved sideways through most of 2016. Total separations dropped down on the month, owing to fewer layoffs. The quit rate improved to 2.2 percent; however, it has not been able to break through this level.

Demographic factors might be dragging on the quit rate, as older workers tend to alter jobs less frequently, noted Wells Fargo in a research report. However, the U.S. Fed would welcome more voluntary job switches as a sign of labor market strength and source of stronger wage growth, added Wells Fargo.

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