Mayank Bansal, CFA
Mayank Bansal is a CFA Charterholder and heads the Equity Research team at Kapitales Research, with over 5 years of experience analysing global equity markets. He leads fundamental, data-driven research combining rigorous financial analysis with macro trends.
US Job Openings Jump to 7.5 million, Signalling Resilience Ahead of Payrolls Report
Highlights:
US Job Openings Recover in September
The US labour market demonstrated renewed resilience in September 2026, with job vacancies reaching 7.5 million, according to the Job Openings and Labor Turnover Survey (JOLTS) released by the Bureau of Labor Statistics (BLS) on 3 November 2026.
Vacancies increased by approximately 300,000 from August's upwardly revised 7.2 million, suggesting that employers maintained demand for workers despite broader economic uncertainty. However, the BLS characterised the monthly movement as statistically little changed, with the vacancy rate remaining at 4.5%.
Hiring Activity Remains Stable as Worker Confidence Improves
Hiring levels remained relatively steady at 5.4 million, representing a 3.4% hiring rate. Accommodation and food services recorded an additional 158,000 hires, indicating stronger recruitment activity within consumer-facing industries. Meanwhile, voluntary resignations increased to 3.4 million, compared with approximately 3.0 million in August. The quits rate remained broadly stable at 2.1%, suggesting that improving worker confidence has not translated into a substantial shift in overall labour market conditions.
Job vacancies within state and local government, excluding education, increased by 104,000, providing another source of employment demand.
Layoffs Remain Contained Despite Economic Uncertainty
Total employment separations reached 5.3 million, while layoffs and discharges remained broadly unchanged at 1.6 million. Healthcare and social assistance recorded 70,000 fewer layoffs, indicating relatively stable employment conditions in an important services sector. These figures suggest that businesses are maintaining workforce stability rather than pursuing widespread job reductions.
Outlook: Payrolls Data Could Influence Fed Policy
The September figures provide encouraging evidence of labour market resilience, although stable hiring and modest vacancy growth suggest that momentum remains uneven. Investors will closely monitor the upcoming US nonfarm payrolls report for clearer evidence of employment growth and wage pressures.
Stronger employment figures could reinforce expectations that the Federal Reserve will maintain restrictive monetary policy, while weaker results may strengthen arguments for future easing. The balance between labour demand and inflation will remain central to the monetary policy outlook.
Note- All data presented is based on information available at the time of writing.
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