12/04/2024

In October, the Job Market had More Openings, Fewer Layoffs

A recent DOL survey also showed employers hesitant to hire more workers

U.S. job openings increased solidly in October while layoffs dropped by the most in 1-1/2 years, suggesting the labor market continued to slow in an orderly fashion.

But the Job Openings and Labor Turnover Survey, or JOLTS report, from the Labor Department on Tuesday also showed employers hesitant to hire more workers. The historically low level of layoffs is anchoring the labor market and the broader economy through higher wages that are driving consumer spending.

There were 1.11 job openings for every unemployed person in October, up from 1.08 in September. This ratio, which peaked at 2.03 in early 2022, is now below the 1.2 that prevailed before the COVID-19 pandemic.

Please select this link to read the complete article from Fast Company.