Open job openings in the United States fell to their lowest level in more than three and a half years in September, and data from the previous month were revised downward, indicating a notable tightening in labor market conditions.
Job openings, a measure of labor demand, fell by 418,000 to 7.443 million on the last day of September, the lowest level since January 2021, the Labor Department said in its Jolts report on Tuesday.
Economists consulted by Reuters expect 8 million job vacancies. Hiring increased by 123,000 to 5,558 million, while layoffs grew by 165,000 to 1,833 million.
August data was revised downward to show 7.861 million vacancies instead of the 8.040 million previously reported.
The hurricanes and strikes are likely to have temporarily affected the labor market outlook, with job growth expected to slow significantly in October.
The U.S. economy likely created 115,000 nonfarm jobs in October, up from 254,000 in September, according to a Reuters poll of economists.
This would be the lowest volume in six months. The unemployment rate is expected to remain at 4.1%. Federal Reserve officials will likely ignore the October jobs report when they meet next month.
The US central bank is expected to cut interest rates by 25 basis points after starting its easing cycle with a 0.5 percentage point cut in September.
Source: Terra
Rose James is a Gossipify movie and series reviewer known for her in-depth analysis and unique perspective on the latest releases. With a background in film studies, she provides engaging and informative reviews, and keeps readers up to date with industry trends and emerging talents.
