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U.S. job openings fall to 8.733 million in October - JOLTS report

Published Dec 05, 2023 10:02AM ET Updated Dec 05, 2023 10:35AM ET
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Investing.com -- U.S. job openings dropped in October, pointing to a possible easing in labor demand that could bolster the case for the Federal Reserve to start backing away from a long-standing campaign of interest rate hikes.

The Job Openings and Labor Turnover Survey, or JOLTS report, showed that the number of available roles dipped to 8.733 million as of the final business day of the month, decreasing from a downwardly revised mark of 9.350 million at the end of September. Economists had called for a reading of 9.300 million. 

A decline in openings in the health care, finance and real estate sectors offset an uptick in positions in information services, according to the numbers from the Labor Department.

Layoffs came in at 1.6 million, little changed from the prior month. Meanwhile, the ratio of job openings per unemployed American dipped to 1.3, inching closer to the pre-pandemic level of 1.2.

"It's still a good job market, but losing momentum," said Kathy Jones, Chief Fixed Income Strategist at Charles Schwab (NYSE:SCHW), in a post on social media platform X.

The survey comes as markets gear up for the release of the all-important monthly non-farm payrolls report later this week, which may help to round out the labor picture in the world's largest economy.

Resilience in the labor market has fueled hopes that the U.S. economy may be able to avert a recession despite a long-standing campaign of Fed rate increases aimed at cooling red-hot inflation.

However, signs of lingering strength in job demand could be interpreted as a possible accelerant to price growth, boosting the argument for the Fed to keep policy at restrictive levels for a longer period of time.

U.S. job openings fall to 8.733 million in October - JOLTS report
 

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Comments (7)
Mitchel Pioneer
Mitchel Pioneer Dec 05, 2023 3:22PM ET
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Another mid-day "reversal" in the US Miracle Market, biggest investment JOKE in the world.  You can set your watch by the "late trade" FRAUD.
Adrian White
Adrian White Dec 05, 2023 3:22PM ET
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Don't you get tired of repeating the same whine, day after day?
Richard Warden
Richard Warden Dec 05, 2023 3:17PM ET
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Jibs are one thing. The abject destruction of the US being caused by resident Joe hasn't been factored into the market yet.
rob finch
rob finch Dec 05, 2023 12:52PM ET
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This is just the part where someone runs in the room and tells Nathan that Napoleon won at Waterloo and he starts selling. now lemmings panic.
Rizwan Aslam
Rizwan Aslam Dec 05, 2023 11:43AM ET
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Bad news
Rob Omes
Rob Omes Dec 05, 2023 11:26AM ET
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Strange people Americans. This was the aim of the game. Slowing down by interest rates which was bad for the market. Now JOLT is down it is again bad for the market. Could it be that the FED is just a useless institute and Jerome better goes out fishing trout?
Behrang Arya
Behrang Arya Dec 05, 2023 10:24AM ET
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good
me ish
me ish Dec 05, 2023 10:13AM ET
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at some point it will become abundantly clear that bad news is bad news - and that the FED has very little control over the long end of the curve - unemployment is about to skyrocket as we enter a deep recession next year - as the rest of the world is already in one - the USGOV stimulus is almost over - at least for the consumer and the student loan repayments and high interest rates and massive price increases of everything over the past three years is now really starting to hurt as the US consumer has maxed out the credit cards and are starting to majorly default.
Kevin Corcoran
Kevin Corcoran Dec 05, 2023 10:13AM ET
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Only those republicans that want to stop supporting those that are not millionaires are talking about recession think it will help the draft dodging coup attempting con to defeat a strong president Biden
Rick Williams
Rick Williams Dec 05, 2023 10:13AM ET
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You mean Joe Hiden Biden. POS can't even walk and chew gum at the same time.
 
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