Washington (AP) — US employers posted 11 million jobs in October, almost in line with the record highs achieved in July, and are confident enough for businesses to expand their economies. It shows that.
According to a government report on Wednesday, the number of resignations in October fell slightly from 4.4 million in September to 4.2 million, but it is still the third highest number of resignations per month in 2000 records.
The Ministry of Labor’s Jobs and Turnover Survey (JOLTS) figures show that job seekers are the most negotiable in at least 20 years, as so many companies are chasing a relatively small number of unemployed people. Wages are rising at a healthy pace, especially for low-wage employees, but many of those wage increases are undermined by rising inflation.
Larger salaries are inviting many employees to quit their jobs for new jobs, boosting the number of resignations. A large number of resignations is a sign of a strong labor market, as it indicates that people are confident that they can find a new job. The vast majority of people who quit do so to get a new job.
Other data from the Federal Reserve Bank in Atlanta show that those who change jobs receive greater salary increases than those who remain in place.
Job openings in October increased by about 4% to 11 million, just below the July peak of 11.1 million. The largest increase was in restaurants, bars and hotels, a surge of nearly 20% to 1.6 million.
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US companies advertise 11 million recruiting jobs close to record | WGN Radio 720
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