In September, the United States experienced a significant surge in job vacancies alongside a rise in the number of employees voluntarily leaving their positions. Concurrently, companies increased their hiring rates while the number of layoffs saw a decline. These trends indicate that the American labor market is evolving in a more robust direction.
According to the Job Openings and Labor Turnover Survey (JOLTS) report released by the Bureau of Labor Statistics (BLS) on November 3, the number of job vacancies in the U.S. reached 7.52 million in September, an increase of 333,000 from August. This figure surpasses the consensus expectation of 7.15 million projected by economists surveyed by Dow Jones & Company.
The monthly report revealed that the job vacancy rate—defined as the proportion of job openings relative to the total size of the labor force—increased by 0.2 percentage points to 4.5% in September.
Additionally, the report highlighted that the number of job vacancies currently exceeds the number of unemployed workers by approximately 414,000, equating to about 1.05 job openings for every available worker. This ratio of vacancies to available workers had previously peaked at 2:1 in 2022, and Federal Reserve officials often reference this ratio as a key indicator of labor supply and demand balance.
The increase in job vacancies in September was primarily concentrated in specific sectors. The manufacturing industry added 54,000 jobs, while state and local government agencies (excluding education) added 108,000 positions. The professional and business services sector experienced an uptick of 106,000 job openings.
Simultaneously, the total number of employees who voluntarily left their jobs surged to 3.36 million, marking an increase of 321,000 from August and reaching the highest level since March 2025. The resignation rate serves as a crucial indicator of workers’ confidence in their ability to transition to new positions and the broader job market outlook. A decrease in resignation numbers could suggest a waning sense of economic security among individuals, which may signal a potential slowdown in wage growth.
Heather Long, Chief Economist at Navy Federal Credit Union, commented, “Currently, the number of job vacancies in the U.S. surpasses the unemployed population. While this doesn’t solve all our problems, it represents a significant change compared to a year ago.”
She added, “It’s an encouraging sign that companies are gradually increasing hiring, despite facing challenges such as high diesel and natural gas prices and ongoing inflationary pressures.”
Recruitment figures also rose in September, reaching 5.4 million, an increase of 131,000 from the previous month. Meanwhile, layoffs and dismissals decreased by 127,000, dropping to 1.64 million, the lowest level since March 2025.
The JOLTS report from the Bureau of Labor Statistics has historically been a closely monitored economic indicator by Federal Reserve policymakers. These central bank officials utilize the data provided by the report to gauge the state of the labor market and formulate policy interest rates in conjunction with inflationary conditions.
This presentation of the data reflects a complex yet encouraging narrative about the current state of employment and labor dynamics in the United States.