US job openings reached 7.74 million in October, up 372,000 from the previous month, according to the Bureau of Labor Statistics (BLS). The number of available jobs exceeded the Dow Jones estimate of 7.5 million.
The hiring rate declined to 3.3% with 5.31 million hires, down 269,000 from September. Meanwhile, layoffs decreased by 169,000 to 1.63 million, and voluntary job quitters increased to 3.33 million, up 228,000.
The latest data comes as the labor market faced disruptions due to violent storms in the Southeast and major labor strikes involving dockworkers and Boeing. This month’s nonfarm payroll growth was just 12,000, the worst since December 2020.
The Federal Reserve is closely watching the job market for signs of tightness or slack, which may influence its decision to lower interest rates later this month.
Source: https://www.cnbc.com/2024/12/03/job-openings-jumped-and-hiring-slumped-in-october-key-labor-report-for-the-fed-shows.html