US job openings picked up in October while layoffs eased, suggesting
Available positions increased to 7.74 million from a revised 7.37 million reading in September, the Bureau of Labor Statistics Job Openings and Labor Turnover Survey, known as JOLTS, showed Tuesday. The median estimate in a Bloomberg survey of economists called for 7.52 million openings.
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The overall uptick followed months of steep declines — including a big drop in September. The levels of layoffs dropped to the lowest since June, while quits picked up to the highest since May, indicating workers are more confident in their ability to find a new job.
That's important for Federal Reserve officials who are trying to avoid any further weakening in the labor market as they gradually lower interest rates.
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The hiring rate dropped to the lowest since June, consistent with a weak October payrolls report that was distorted by two severe hurricanes and a major strike at Boeing. Economists expect that to rebound notably in November figures due Friday, while the unemployment rate should hold at 4.1%.
While companies like Boeing, General Motors and Cargill have either recently cut jobs or announced plans to do so, there are few signs of a broad pickup in layoffs.
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The number of vacancies per unemployed worker, a ratio the Fed watches closely, was little changed at 1.1, in line with pre-pandemic levels. At its peak in 2022, the ratio was 2 to 1.
