US job openings climb as hiring disruptions ease
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The news: US job openings increased to 7.74 million in October, according to the Bureau of Labor Statistics JOLTS report, up from a revised 7.37 million in September and more than economists expected.
The numbers: Layoffs in the US decreased to 1.633 million, the lowest since June, while quits rose to the highest since May, reflecting worker confidence.
Hiring dropped by 269,000 to 5.313 million, attributed to disruptions from hurricanes and strikes.
The ratio of job openings to unemployed workers remained stable at 1.1, aligning with pre-pandemic levels.
Professional and business services, as well as accommodation and food services, drove the rise in openings.
The context: The rise in job openings followed a sharp September decline. Hurricanes and strikes impacted October hiring, with economists anticipating a strong rebound in November.
A Reuters survey shows they project 200,000 jobs were added last month with the unemployment rate slightly increasing to 4.2%.
The data comes as Federal Reserve officials weigh another interest rate cut later this month.
The sources: Bureau Labor Statistics, Reuters, Bloomberg
