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U.S. job openings rise 372K in October
The U.S. Bureau of Labor Statistics reported on Tuesday, December 3, that job openings in the United States rose in October, while hiring fell during a month when nonfarm payroll growth hit its lowest level in nearly four years.
Total job openings were 7.74 million in the month before last, up 372,000 from September and above the Dow Jones estimate of 7.5 million, according to the Bureau of Labor Statistics’ Job Openings and Labor Turnover Survey. The job opening rate as a share of the labor force rose to 4.6% from 4.4%.
That pushed the ratio of available jobs to unemployed workers to 1.1, about half what it was at the peak of the massive supply-demand gap in 2022.
Employment also fell as the labor market was disrupted by severe storms in the southeast, as well as two major labor strikes involving dock workers and Boeing. Total employment in October was 5.31 million, down 269,000 from September, pulling the employment rate down to 3.3%. That also represents a 0.2 percentage point decline.
Layoffs, however, fell to 1.63 million, down 169,000 from September. Voluntary departures also increased to 3.33 million, up 228,000 from September.
The data comes after a month in which the Bureau of Labor Statistics reported nonfarm payrolls grew by just 12,000, the worst month since December 2020.
The Federal Reserve is closely watching the job openings and turnover survey for signs of tightness or stagnation in the labor market. Markets expect the Fed to cut its benchmark borrowing rate by a quarter percentage point when it meets later this month, in part to head off any potential weakness in the labor market.
