A Hint of Good Job Market News

Last Friday’s jobs report was disappointing, but a new data released today suggest that all hope is not lost.

American job openings increased to 3.4 million in October from 3 million in September, according to the Labor Department’s Job Openings and Labor Turnover Survey. That is the fastest increase in six months.

DESCRIPTIONBureau of Labor Statistics, via Haver Analytics

It also brings the job openings rate — calculated by divided the number of openings by the sum of openings and filled jobs — to 2.5 percent from 2.3 percent. The private sector openings rate reached 2.7 percent, the highest since August 2008.

A rise in job openings is generally considered a precursor to a rise in hiring, although the number of new hires and the hiring rate (the number of hires divided by total employment) remained flat last month.

DESCRIPTIONBureau of Labor Statistics, via Haver Analytics

The rise in openings was driven by the professional and business service sector and by education and health services.

The ratio of unemployed workers to job openings — a favorite statistic of economists countering the argument that the nation’s 15 million jobless aren’t looking hard enough for work — also fell in October, to 4.4, the lowest rate since early 2009.

DESCRIPTIONBureau of Labor Statistics, via Haver Analytics