US job market cools as new openings fall to 2021 levels
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The news: The strong labour market in the US looks to be showing signs of slowing, as October figures from the US Job Openings and Labor Turnover Summary (JOLTS report) shows the number of job openings has hit its lowest level since March 2021.
The numbers: The number of job openings in the US fell to 8.7 million in October from 9.3 million, a decrease of 0.3% month on month, resulting in a job openings rate of just 5.3%.
The context: The decline in job openings coincides with a rising unemployment rate and slowdown in wage growth, suggesting that the tight labor market could be beginning to loosen. Total hires in October nudged lower while layoffs only showed slight increases.
The source: US Bureau of Labor Statistics
