The number of job openings in the country declined slightly from August to September, while the number of hires and separations both increased, according to the September 2014 Job Openings and Labor Turnover report released by the U.S. Bureau of Labor Statistics on Thursday. On the last business day of September, there were 4.7 million job openings in the U.S., down slightly from 4.9 million from a month earlier. The job openings rate, which is the number of job openings on the last business day of the month as a percent of total employment plus job openings, was reported at 3.3 percent for September.
The number of hires in the U.S. increased from 4.7 million in August to 5.0 million in September, their highest level since December 2007. The hires rate, which is the number of hires during the entire month as a percent of total employment, was 3.6 percent in September. Total separations, which include quits, layoffs, discharges, and other separations which may include death, disability, retirement, for the month of September rose up to 4.8 million from August's total of 4.5 million.
The Consumer Financial Protection Bureau announced that it has ordered California-based residential mortgage lender Franklin Loan Corporation to pay $730,000 in restitution for rewarding its employees with bonuses for suggesting loans with higher interest rates to borrowers. The CFPB's investigation found Franklin Loan's actions of paying bonuses to employees based on interest rates to be in violation of the Federal Reserve Board's Loan Originator Compensation Rule, which prohibits mortgage lenders from compensating its loan officers based on loan terms.