Recent data released by the Labor Department indicates that US employers were actively seeking to fill more job positions in October compared to the previous month. The Job Openings and Labor Turnover Survey (JOLTS) reported a rise in job openings nationwide to 7.7 million in October, surpassing economists' expectations of 7.5 million for the month.
Furthermore, the number of individuals voluntarily leaving their jobs increased by 228,000 to 3.3 million in October from September. However, when compared to the previous year, there was a decrease of 308,000 in the number of quits. Additionally, the number of people being laid off from their jobs decreased by 169,000 in October to 1.6 million from September.
Despite the positive trends in job openings and quits, the hiring rate experienced a decline to 3.3% in October, marking its lowest level since 2013. The hiring rate is a metric that measures the proportion of new hires relative to the total number of employed individuals.
Looking ahead, the Federal Reserve is anticipated to proceed with its plan to reduce interest rates at its upcoming meeting as part of its efforts to bolster the labor market. The focus remains on enhancing the overall strength and stability of the workforce.
