U.S. Job Openings Stagnate, Raising Concerns About Economic Health
October saw U.S. job openings remaining relatively stagnant at 7.7 million, while layoffs surged to nearly 1.9 million, the highest since January 2023, according to the Labor Department’s Job Openings and Labor Turnover Survey (JOLTS). The number of people quitting their jobs also decreased, suggesting businesses might resort to layoffs to control labor costs. These figures reflect a cooling job market influenced by factors such as high interest rates and trade policies. Due to the government shutdown, the October report was delayed, and the unemployment rate for October will be released alongside the November jobs report, with forecasts predicting a rise in the unemployment rate.
John Q. Hosedrinker