JOLTS Update October 2024

by Oriane Casale
January 2025

The Job Openings and Labor Turnover (JOLTS) Survey conducted by the BLS shows that in November the number of job openings decreased to 168,000 over the month in Minnesota on a seasonally adjusted basis. Compared to one year ago, job openings were down by 34,000 or 16.8%. This compares to a decline of 0.4% nationally.

The number of hires fell 12.6% over the year in November in Minnesota and 3.5% nationally. Total separations fell 14.6% over the year in Minnesota and 6.3% nationally.

Minnesota's job openings rate decreased over the month to 5.2%. Nationally, the rate is 4.8% (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 November – or six unemployed works for every 10 job openings – unchanged from the previous three 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 remained at 0.9 in November.