US Jobs Fall, Suggest Weak Labor Market, Positive Signs for Fed – Bloomberg

US job openings fell in October from the previous month, further suggesting a cooling labor market. It bodes well for the Fed, which is trying to curb demand across the economy.

US Private Employment Grows at Lowest in Nearly Two Years; Wage Growth Slows – ADP (1)

Key Point
  • There was a decrease of 353,000 in the number of jobs opened in October since the previous month to 10,334,000.
    • The median estimate of economists surveyed by Bloomberg is 10.25 million
  • The previous month was revised down to 10,687,000 (preliminary figure of 10,717,000).

Top row: Number of job openings, Bottom row: Number of job openings per unemployed person

US job openings for October suggest labor demand is slowing amid a worsening economic outlook and rising interest rates. However, many employers are still struggling to find staff, and the demand for labor appears to be resilient.

In addition to the uncertainty of the economic outlook, the fact that several large companies have announced redundancies one after the other seems to be a factor that makes employees hesitate to leave 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 openings for each unemployed person was 1.7, down from around 1.9 in the previous month. This was the lowest level in the past year.

According to November employment statistics released on December 2nd, the number of non-farm 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 Employment Trends Survey (JOLTS), see Statistical Tables.

Original title:US Job Openings Fall to 10.3 Million in Hopeful Sign for Fed (抜粋)

(Add more statistics details and update)

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