Manufacturing job openings increased from September to October, according to the Job Openings and Labor Turnover Survey (JOLTS) from the Bureau of Labor Statistics.
The manufacturing outlook: There were 525,000 manufacturing job openings in October, up from 492,000 in September and a new record high. Postings for durable (up from 267,000 to 290,000-the best since August 2019) and nondurable goods (up from 225,000 to 235,000-an all-time high) both strengthened in October.
More numbers: In the larger economy, nonfarm business job openings increased from 6,494,000 in September to 6,652,000 in October, a three-month high. Overall, 11,061,000 Americans were unemployed in October, down from 12,580,000 in September. That translates to 1.66 unemployed workers for every one job opening in October, down from 1.94 in September. For comparison, that figure was 4.62 in April, but just 0.83 in February.
The takeaway: According to NAM Chief Economist Chad Moutray, “One sign of improved health is the ‘churn’ seen in the labor market, and the number of quits has rebounded in recent months. This is reassuring and a sign that the market is strengthening.”