The number of US job openings in October fell from the previous month, further suggesting a cooling labor market. That bodes well for the Fed, which is looking to curb demand across the economy.
U.S. Private Employment Grows at Lowest in Nearly Two Years; Wage Growth Slows – ADP (1)
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Upper row: Number of job openings, Lower 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. Still, many employers are still struggling to find staff, and labor demand appears to be resilient.
In addition to the uncertainty of the economic outlook, the fact that several major companies have announced layoffs one following another seems to be a factor that makes workers 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 regarding 1.9 in the previous month. It was the lowest level in the past year.
According to the 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 U.S. Department of Labor Survey of Employment Trends (JOLTS), see Statistical Tables.
Original title:US Job Openings Fall to 10.3 Million in Hopeful Sign for Fed(excerpt)
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