Job openings barely improved in October, hitting 7.7 million

"The Job Openings and Labor Turnover Survey (JOLTS), which was delayed by the extended government shutdown, also showed that layoffs rose to almost 1.9 million, the most since January 2023. And the number of people quitting their jobs-a sign of confidence in the labor market-fell in October, suggesting that "businesses seeking to control labor costs will have to pivot to active layoffs, lifting unemployment, rather than rely on natural attrition," Samuel Tombs, chief U.S. economist at Pantheon, wrote in a commentary."

"Policymakers at the Federal Reserve are meeting this week to decide whether to cut their benchmark interest rate, and the gathering is expected to be unusually contentious. Inflation remains stuck above the Fed's 2% target, partly because importers have tried to pass along the cost of Trump's tariffs by raising prices. Normally, stubborn inflation would discourage Fed policymakers from cutting rates."

Employers posted 7.67 million vacancies in October, essentially unchanged from September's 7.66 million, while layoffs rose to almost 1.9 million—the highest since January 2023. The number of people quitting jobs fell in October, reducing natural worker turnover. Job openings have steadily declined from a March 2022 peak of 12.1 million, influenced partly by high interest rates the Federal Reserve put in place to combat inflation. Import tariffs have pushed importers to raise prices, contributing to stubborn inflation. Federal Reserve policymakers are meeting amid a shaky job market and elevated inflation to consider another benchmark rate cut.

Read at Fast Company