JOLTS Update October 2024

by Oriane Casale
December 2024

The Job Openings and Labor Turnover (JOLTS) Survey conducted by the BLS shows that in Minnesota the number of job openings remained level at 184,000 over the month in October on a seasonally adjusted basis. Compared to one year ago, job openings were down by 24,000 or 11.5%. This compares to an over-the-year decline of 10.8% nationally.

The number of hires fell 23.5% over the year in October in Minnesota and 8.6% nationally. Total separations fell 7.4% over the year in Minnesota and 6.6% nationally.

Minnesota's job openings rate remained level over the month at 5.7% in October. Nationally, the rate is 4.6% (see figure below). The job openings rate is the number of job openings as a percent of total employment plus job openings.

In Minnesota there were 0.6 unemployed workers for each job vacancy in October – or six unemployed workers for every 10 job openings – unchanged from the previous two months. This indicates that Minnesota continues to have a tight labor market where there are fewer than one unemployed worker for every job opening. Nationwide the ratio was 0.9, unchanged from the previous four months.