Job openings in the US were down in October compared to the previous month, further suggesting a cooling job market. It bodes well for the Fed, which is trying to curb demand across the economy.
US private employment grows to lowest in nearly two years; wage growth slows down – ADP (1)
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Top row: Number of job vacancies, Bottom row: Number of job vacancies per unemployed person
US job openings for October suggest that job demand is slowing due to a worsening economic outlook and rising interest rates. However, many employers are still struggling to find staff and labor demand appears to be resilient.
In addition to the uncertain economic outlook, the fact that several large companies have announced layoffs one after another seems to be a factor making workers hesitant to quit their jobs. The turnover rate, which is the ratio of voluntary turnover among all employees, was 2.6%, the lowest level since May 2021.
The number of job offers for each unemployed person was 1.7, down from around 1.9 in the previous month. It was the lowest level last year.
According to November employment statistics released on Dec. 2, the number of nonfarm payrolls is expected to increase by 200,000, while the unemployment rate is expected to remain unchanged from the previous month at 3.7%.
For more information on the US Department of Labor’s Employment Trends Survey (JOLTS), see Statistical Tables.
Original title:US job openings drop to 10.3 million in a sign of hope for the Fed(extract)
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