The number of job openings was little changed at 7.1 million on the last business day of October, the U.S. Department of Labor said Monday.

The data showed that the job opening rate was 4.5 percent in October while the number of hires edged up to 5.9 million, nearly matching its series high in August.

The hires rate was 3.9 percent with total private and government hiring rates remaining virtually unchanged.

The number of total separations was little changed at 5.6 million, that is, a 3.7 percent rate.

Large numbers of hires and separations occur every month throughout the business cycle. When the number of hires exceeds the number of separations, employment rises, even if the hiring level is steady or declining.

Conversely, when the number of hires is less than the number of separations, employment declines, even if the hiring level is steady or rising.

Over the 12 months ending in October, hires totaled 67.8 million and separations totaled 65.3 million, yielding a net employment gain of 2.5 million.