The September JOLTS report, released by the Bureau of Labor Statistics on Nov. 3, showed 7.5 million job openings, 5.4 million hires and 3.4 million quits. The headline is the quits figure, which rose from 3.0 million in August. Almost everything else was flat. Employers are filling only about 72% of the openings they list in a month, and there is roughly one opening for every unemployed worker. Below are the numbers, our own ratios built from them, and what they do and do not say about the job market.
What the September JOLTS report showed
The BLS’s JOLTS report, formally the Job Openings and Labor Turnover Survey, tracks monthly flows of openings, hires and separations. Of the headline measures, only quits were described as increasing. The BLS called openings, hires, total separations and layoffs little changed, a wording that reflects statistical testing, so gaps that look sizable in rounded figures can still earn that label.
| Measure | September | August (revised) | Change in rounded levels | BLS wording |
|---|---|---|---|---|
| Job openings | 7.5 million (4.5%) | 7.2 million | +0.3 million | Little changed |
| Hires | 5.4 million (3.4%) | 5.3 million | +0.1 million | Changed little |
| Total separations | 5.3 million (3.3%) | 5.2 million | +0.1 million | Little changed |
| Quits | 3.4 million (2.1%) | 3.0 million | +0.4 million | Increased |
| Layoffs and discharges | 1.6 million (1.0%) | 1.8 million | -0.2 million | Changed little |
Other separations, a category that includes retirements and deaths, were little changed at 313,000. Over the past year, total nonfarm quits are up by 375,000.
Where the jump in quits came from
One industry accounts for much of the movement. According to the BLS, accommodation and food services posted increases in hires, separations and quits in September, while health care and social assistance saw layoffs fall.
| Measure | Industry | Change |
|---|---|---|
| Quits | Accommodation and food services | +197,000 |
| Total separations | Accommodation and food services | +195,000 |
| Hires | Accommodation and food services | +158,000 |
| Job openings | State and local government, excluding education | +104,000 |
| Quits | Arts, entertainment and recreation | -19,000 |
| Layoffs and discharges | Health care and social assistance | -70,000 |
Our arithmetic: the 197,000 rise in accommodation and food services quits is roughly half of the 0.4 million monthly increase in total quits, using the rounded levels. That makes the improvement look narrower than the headline suggests. A sector with high turnover can swing the national figure without signaling that workers across the economy feel more confident.
Does a 2.1% quits rate mean workers are more confident?
Economists watch quits because people tend to leave jobs when they expect to find better ones. Indeed’s Hiring Lab, in its analysis of the September JOLTS report, says the 2.1% rate is the first reading above 2% since June 2025 and calls the possible turnaround a signal that is “faint.” Indeed also says workers are quitting at the slowest pace since 2015 and that employers are hiring at the slowest pace since 2013.
| Benchmark | Quits rate | Source |
|---|---|---|
| 2022 peak | About 3.0% | Indeed Hiring Lab |
| 2019 average | About 2.3% | Indeed Hiring Lab, read from a chart |
| September 2026 | 2.1% | BLS |
The 2019 figure comes from a reference line in Indeed’s chart rather than a stated number, so treat it as approximate. Even so, September sits below the pre-pandemic average, which is the point: a rise from a very low base is not yet a hot market.
Our ratios from the JOLTS report: how thin the market is
The JOLTS report publishes the levels. The ratios below are our own arithmetic. They combine the JOLTS levels with the 7.109 million unemployed workers in the BLS’s September jobs report.
| Ratio | Calculation | Result |
|---|---|---|
| Openings per unemployed worker | 7.5 million / 7.109 million | 1.06 |
| Hires as a share of openings | 5.4 million / 7.5 million | 72% |
| Quits per layoff | 3.4 million / 1.6 million | 2.1 |
| Quits as a share of separations | 3.4 million / 5.3 million | 64% |
| Layoffs as a share of separations | 1.6 million / 5.3 million | 30% |
Two readings follow. First, the market is balanced but slow: about one opening per unemployed person, yet only 72% as many hires as openings. Second, separations are mostly voluntary. Nearly two-thirds are quits, so layoffs are not the main source of churn. The hires rate of 3.4% edges above the separations rate of 3.3%, which fits a labor market growing only slightly.
What the JOLTS report leaves out: payroll growth and long-term unemployment
The same BLS jobs report showed payrolls up 29,000 in September, and 27.1% of the unemployed had been out of work for 27 weeks or more. A low layoff rate and a modest quits rate are consistent with those figures: few people are losing jobs, and few unemployed people are finding them quickly. Indeed adds that few openings and few quits leave new graduates and job seekers with fewer chances to get in, and that paychecks have trailed inflation.
What it means for the Fed and for savers
The Federal Reserve raised rates in September, according to Indeed, and then held them at its October meeting. Our look at the Fed hold and what it means for savings, cards and mortgages covers that decision. With September PCE inflation at 3.6%, a labor market that is not weakening sharply gives policymakers little reason to hurry toward cuts. This is an inference from the data, not a Fed statement. For households, the practical effect is that deposit rates are unlikely to fall quickly on the strength of this report alone. Our guide to savings rates after the Fed hike shows where the best accounts sit.
What to watch next
Three things will show whether September was a blip. The first is whether quits stay above 2% in the next JOLTS report, or fall back. The second is whether the layoff rate holds near 1.0%, inside the narrow range Indeed says it has stayed in since mid-2024. The third is weekly claims, which our report on initial jobless claims tracks. Because every JOLTS report is revised, the September figures may also move when the next report arrives.
Editor’s Take
The September JOLTS report is best read as stability with one small positive. Quits rose, but half the increase came from a single industry, and the rate is still below its 2019 average. Hiring is covering fewer than three of every four openings, and payroll growth was only 29,000. Anyone expecting a hot market for job switchers should wait for another month or two of data. For savers and borrowers, the report offers no strong push for rates to move in either direction.
This is general information, not financial or career advice. Survey figures are estimates and are revised, so check the BLS release for the latest numbers.
