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- Job Market Update, October 2024.
Hey everyone,
If you’re on the job hunt, pay attention—this is crucial information for you.
First off, the total number of job openings stands at 7.7 million. This is fairly steady compared to September but down by 941,000 from this time last year. While there are still plenty of opportunities out there, it’s a bit tighter than before.
Next, let’s talk about hires.
In October, there were 5.3 million hires. This shows little change from September but is down by 501,000 from October 2023. This suggests that companies are being more selective with their hiring.
There were 3.3 million quits in October, which is an increase of 228,000 from September. This typically indicates that more people are confident in finding new jobs, especially in sectors like accommodation and food services.
On the flip side, layoffs and discharges remain stable at 1.6 million. However, keep an eye on the retail trade sector, where layoffs have ticked up.
Now, let’s discuss the industries with significant changes in job openings:
- Professional and business services saw an increase of 209,000 openings.
- Accommodation and food services had an additional 162,000 openings.
- The information sector added 87,000 jobs.
On the decline, the federal government experienced a decrease of 260000 job openings.
So, what are the takeaways here?
The job market is holding steady with opportunities, especially in professional and business services. If you're in the job market, these areas might be worth exploring.
Remember, even in a stable market, staying proactive, updating your resume, and expanding your skillset can give you an edge.
Good luck out there! That’s it for now.
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