WASHINGTON—Jobs remain plentiful and hiring solid—showing that while the labor market has cooled, it remains a source of strength for the U.S. economy.
The number of unfilled jobs declined to a seasonally adjusted 7.02 million at the end of September, the Labor Department said Tuesday. That was the fewest available jobs in 18 months. But openings still exceeded the number of unemployed Americans—those without work but actively looking—by 1.26 million. Before 2018, openings had never exceeded unemployment in records back to 2000.
“The labor market remains strong, but is clearly slowing down,” said Nick Bunker, an economist at job-search site Indeed.com.
Openings, down from 7.39 million a year earlier, have generally declined this year. But hiring held fairly steady in recent months. For September, 5.93 million Americans were hired, up from 5.67 million a year earlier. The result is the number of unemployed Americans has also edged lower.
In September, the unemployment rate fell to 3.5%, the lowest reading in 50 years, while the rate in October ticked up to 3.6%. The increase in part reflected that a strong labor market and better wages were drawing some potential workers off the sidelines.
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The rate at which workers quit their jobs, viewed as a proxy for confidence in the labor market, edged down to 2.3% in September from 2.4%, Tuesday’s report showed. The August and September quits rate was the highest recorded since 2001.
The solid labor market is supporting consumer spending and the broader U.S. economy.
The Institute for Supply Management said Tuesday that activity in the U.S. service sector grew at a faster pace last month. The ISM’s nonmanufacturing index was 54.7 in October versus 52.6 the prior month. A reading above 50 indicates an expansion in activity, while a reading below 50 indicates a contraction.
The employment index increased to 53.7 from the September reading of 50.4. Anthony Nieves, head of the ISM survey, said services-sector employment “looks good right now,” which is important because “where employment goes, the sector goes” in the labor-intensive sector.
Write to Eric Morath at eric.morath@wsj.com and Harriet Torry at harriet.torry@wsj.com
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