The U.S. Bureau of Labor Statistics reported on Tuesday that available jobs rose in October, while employment fell over the course of the month, with job growth hitting its lowest level in nearly four years.
The U.S. Bureau of Labor Statistics said in a report that there were 7.74 million job openings this month, an increase of 372,000 from September and exceeding the Dow Jones estimate of 7.5 million. Job vacancy and labor turnover surveys. The vacancy rate as a proportion of the labor force increased from 4.4% to 4.6%.
That brings the ratio of available jobs to unemployed people to 1.1, about half of what it will be at the peak of the huge gap between supply and demand in 2022.
Hiring also fell as severe storms in the Southeast and two massive strikes involving longshoremen and workers disrupted the labor market. boeing company. Recruitment totaled 5.31 million people, a decrease of 269,000 from the previous quarter, and the recruitment rate dropped to 3.3%. This also dropped by 0.2 percentage points.
However, the number of layoffs fell to 1.63 million, a decrease of 169,000 from September. In addition, the number of voluntary layoffs increased to 3.33 million, an increase of 228,000 from September.
The data comes from a month in which nonfarm payrolls reported by the Bureau of Labor Statistics increased by just 12,000 jobs, the worst month since December 2020.
The Fed closely monitors the JOLTS report for signs of tightness or weakness in the labor market. The Fed is expected to cut its benchmark borrowing rate by a quarter of a percentage point at its meeting later this month, in part to head off any potential weakness in the labor market.
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