The US labor market showed signs of softening in October, with job openings rising more than expected and a rise in quits rates. The Bureau of Labor Statistics reported 7.74 million jobs open at the end of October, an increase from September’s 7.37 million.
Economists had anticipated 7.51 million openings, but the actual number surpassed expectations. The hiring rate fell to 3.3% in October, down from 3.5% in September. Quits rates rose to 2.1%, the highest level since May, as workers showed greater confidence in leaving their positions.
The labor market differential, which measures optimism among consumers and workers, ticked up to 18.2% in November. This uptick is consistent with recent data from the Conference Board’s Consumer Confidence survey, which hit its highest level since July 2023.
The data suggests a more nuanced labor market than initially thought, with both softening demand and rising confidence among workers. The November jobs report, scheduled for release on Friday, is expected to show a reversal in employment trends, with the US labor market adding 220,000 jobs and holding steady at an unemployment rate of 4.1%.
Source: https://finance.yahoo.com/news/job-openings-rise-more-than-expected-in-october-152606472.html