Mixed JOLTS data suggests slow job market cooldown
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MIXED JOLTS DATA SUGGESTS SLOW JOB MARKET COOLDOWN
Job openings in the United States increased by 5.0% in October.
According to the Labor Department's closely monitored Job Openings and Labor Turnover Survey (JOLTS), which gauges labor market churn, there were 7.74 million unfilled positions that month, or 269,000 more than analysts anticipated.
The report also showed hiring and firing decreased.
So by those measures, the report indicates a slower churn as the job market continues its measured, Fed-friendly cooldown.
But the quit rate - often seen as a barometer of consumer expectations - jumped by 7.4%, or to 2.1% of the workforce from 1.9% the previous month.
The report "sent mixed signals," writes Matthew Martin, Senior U.S. economist at Oxford Economics. "The difference between hires and separations lends downside risk to our forecast for a sizeable rebound in November nonfarm employment."
"On balance, though, the data point to a still strong, albeit cooling, labor market."
Rising quits indicates "greater willingness for workers to leave their positions and matching the more upbeat outlook for current and future labor conditions by consumers," Martin adds.
"Still, the level of quits remains consistent with slowing wage growth, which is crucial to the Fed's goal of reaching on-target inflation."
(Stephen Culp)
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JOLTS firings and jobless claims https://reut.rs/3CQg7fB
JOLT hires and job confidence https://reut.rs/49maDFD
JOLT quits and consumer expectations https://reut.rs/3ZE53vi
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