{"id":2116757,"date":"2023-12-05T18:17:04","date_gmt":"2023-12-05T23:17:04","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/us-job-openings-hit-more-than-2-1-2-year-low-as-labor-market-cools\/"},"modified":"2023-12-05T18:22:50","modified_gmt":"2023-12-05T23:22:50","slug":"us-job-openings-hit-more-than-2-1-2-year-low-as-labor-market-cools","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/us-job-openings-hit-more-than-2-1-2-year-low-as-labor-market-cools\/","title":{"rendered":"US job openings at lowest level in over 2 years as labor market cools"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">28<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fus-job-openings-hit-more-than-2-1-2-year-low-as-labor-market-cools%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2116757&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p><!DOCTYPE html PUBLIC \"-\/\/W3C\/\/DTD HTML 4.0 Transitional\/\/EN\" \"http:\/\/www.w3.org\/TR\/REC-html40\/loose.dtd\"><br \/>\n<?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><html><body><\/p>\n<div class=\"entry-content\">\n<p>December\u200c 5, 2023 \u2013\u2064 10:29 AM PST<\/p>\n<p>WASHINGTON, Dec\u200d 5 (Reuters) \u2013 U.S. job\u2063 openings fell to more\u2064 than a 2-1\/2-year low in October, the strongest sign yet that higher \u2063interest rates \u2063were dampening demand for workers, and boosting financial markets expectations the Federal Reserve\u2019s <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/futures-dip-as-amazon-warns-of-slowdown-in-cloud-segment\/\" title=\"Futures dip as Amazon warns of slowdown in cloud segment\">monetary policy tightening cycle<\/a> was over.<\/p>\n<div id=\"div-gpt-ad-1663871513696-art-3\" style=\"min-width: 320px; min-height: 50px; text-align: center;\">  \t<script>  \t\tgoogletag.cmd.push(function() { googletag.display('div-gpt-ad-1663871513696-art-3'); });  \t<\/script>  <\/div>\n<div class=\"ad-slot__ad-label\">Advertisement<\/div>\n<\/p>\n<p>The Labor Department\u2019s Job \u200cOpenings and Labor Turnover Survey, or JOLTS report, on Tuesday \u200balso\u2063 showed that there were 1.34 \u200cvacancies for every unemployed person in October, the \u2063lowest since August 2021 and down from 1.47 in September. Fewer workers are resigning, which over time could help ease wage inflation.<\/p>\n<p>The larger-than-expected decline in unfilled jobs followed data last week showing \u2063inflation subsiding in \u200bOctober. The\u2063 run of inflation-friendly reports has led financial markets to anticipate a rate cut as early as next March.<\/p>\n<p>\u201cThese data will be welcome news for policymakers,\u201d said Rubeela Farooqi, chief U.S. economist at\u2063 High Frequency Economics in\u2062 White Plains, \u200dNew York.\u200c \u201cThe data support our view that rates are at a peak and the Fed\u2019s next move will be a rate cut, likely\u2062 in second quarter of 2024.\u201d Job openings,\u2062 a measure of labor demand, fell 617,000 to 8.733 million on the last day of October, the lowest\u200b level since March 2021 and down from 9.350 million in September, the Labor Department\u2019s Bureau of Labor Statistics said.<\/p>\n<p>Economists polled by Reuters \u200bhad forecast 9.30 million job openings in October. The largest monthly decline in vacancies since May was led by the health care and social assistance sector, where \u200bunfilled jobs dropped by \u2064236,000.<\/p>\n<p>Job openings decreased by 168,000 in the finance \u2063and insurance industry, while real estate, \u200crental\u200b and leasing had 49,000 fewer positions. But\u2064 job openings increased by\u2064 39,000 in the \u200dinformation sector. The job openings rate dropped to \u20635.3% from 5.6% in\u200d September. The decline in \u2062vacancies was in all\u2062 four regions,\u2063 with \u2064steeper decreases in the South and Midwest.<\/p>\n<p>Hiring slipped 18,000 to 5.886 million. Hiring dropped 110,000 in the accommodation \u2064and food \u200bservices industry, which had been \u2063the biggest driver\u2063 of job growth since the recovery from the pandemic. The hires\u2064 rates dipped to 3.7% from 3.8% in the prior \u2064month.<\/p>\n<p>Resignations slipped 18,000 \u200dto 3.628 million. The quits rate, viewed as a measure of labor market confidence, was unchanged\u200d at 2.3% for the fourth month. Declining quits point to slower \u200dwage growth and ultimately price pressures in the economy.<\/p>\n<p>\u201cThe \u200bcurrent \u2062state \u2062of the labor market suggests no further recalibration is necessary to bring the labor market back into balance,\u201d said Nick Bunker, director of economics research\u2062 at Indeed Hiring Lab.<\/p>\n<p>Stocks on Wall Street \u200dwere mixed. The\u200d dollar gained versus a basket of currencies. U.S. Treasury prices rose.<\/p>\n<h4 class=\"wp-block-heading\">FED ON HOLD<\/h4>\n<p>The\u2063 Fed is expected to leave rates unchanged next Wednesday. Since March 2022, the central bank has raised its benchmark\u2062 overnight\u200b interest rate \u2063by 525 basis points to the \u2063current 5.25%-5.50%.<\/p>\n<p>Though the labor market is easing, it is doing so gradually.\u200b Layoffs rose 32,000 to a still-low 1.642 million in October, amid increases in the\u200b transportation, warehousing and utilities industry as well as the health care\u2063 and social assistance sector. The layoffs rate was unchanged at 1.0%.<\/p>\n<p>\u201cA far greater contribution to reducing the excess demand \u200bfor\u200b labor is being made by a reduction in vacancies rather than an increase in unemployment,\u201d said Conrad DeQuadros, senior economic advisor at\u2064 Brean Capital in New\u2064 York.<\/p>\n<p>A separate report from the Institute \u2063for Supply Management showed services employment growing in November for the sixth consecutive month after contracting in May. The ISM said employers reported \u200closing \u201cemployees due to normal attrition,\u201d and \u201care having\u2062 issues backfilling these positions.\u201d \u2062They also described the labor market\u200b as remaining\u200b \u201cvery competitive,\u201d and \u201ctrying to get to full staff \u2063levels.\u201d<\/p>\n<p>The ISM\u2019s overall services PMI rose\u2062 to 52.7 in November \u200bfrom 51.8 in October, \u200bposting its 11th straight month of expansion.<\/p>\n<p>Comments from businesses were mixed. Accommodation and food services industries expected \u200crestaurant sales\u200c and traffic trends to \u201cpick\u200d up again in December.\u201d Healthcare and social assistance\u2064 businesses reported \u201csigns of recovery are on the horizon,\u201d while the construction sector said opportunities remain \u201cstrong.\u201d<\/p>\n<p>But businesses in the professional, scientific and technical \u200dservices industry reported that \u201cfourth-quarter revenues (are)lower than projected.\u201d Public administration businesses said \u200d\u201cprices for most items (are) increasing, but only \u200dslightly.\u201d<\/p>\n<p>The government is expected to report on Friday that nonfarm payrolls increased by 185,000 jobs in November, according to a Reuters survey of economists, boosted by the return of about 33,000 striking United Auto\u2064 Workers union members. Payrolls increased by 150,000 positions in October.<\/p>\n<p>November\u2019s anticipated \u200bjob count would be below the\u2062 average monthly gain of 258,000 over the prior 12 months. While economic activity is cooling in the fourth quarter, a recession is unlikely. Most\u200d economists are projecting tepid growth after the economy grew at a 5.2% annualized rate in the third quarter.<\/p>\n<p>\u201cMany of the downside risks to the fourth quarter that economists were worrying about a\u2062 few weeks ago, war \u2064in \u200dthe Middle East, government shutdown and the UAW strike, look\u2062 like \u200dthey\u200c will exert only modest and short-lived headwinds to growth,\u201d said Bill Adams, \u200bchief economist at Comerica Bank in Dallas.<\/p>\n<p><sub>Reporting by Lucia Mutikani; Editing by Chizu Nomiyama<\/sub><\/p>\n<\/p>\n<div id=\"rc-widget-10bad2\" data-rc-widget data-widget-host=\"habitat\" data-endpoint=\"\/\/trends.revcontent.com\" data-widget-id=\"278641\"><\/div>\n<p class=\"dpsp-share-text\" style=\"margin-bottom:10px\"> \t\t \t\t\u200c \t\tShare this \u200bpost!\t<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p><strong>Anti-Semitism is on\u200c the rise, but the Biden Administration continues to push the narrative of Islamophobia, relying on The Council On\u200b American-Islamic Relations (CAIR).<\/strong><\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p><strong>Supreme Court justices seem skeptical of both sides after hearing oral arguments over the Purdue Pharma bankruptcy settlement.<\/strong><\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p><strong>Biden\u2019s re  <\/p>\n<h2> How are\u2062 businesses in the accommodation \u200cand food services\u200d industry coping with the\u2064 decline in hiring\u200c and job\u2063 growth<\/h2>\n<p><span>  Technical, and scientific services industry expressed concerns about the\u200d availability of \u200dskilled labor,\u200d with one respondent stating, \u201cDifficulty in filling positions with qualified \u200cworkers remains\u2064 a significant challenge.\u201d<\/p>\n<p>The latest JOLTS report highlights the ongoing effects of the Federal Reserve&#8217;s tightening cycle on the labor market. With interest rates on the rise, businesses\u2062 are becoming more cautious\u2063 in their hiring practices, leading \u2062to a decrease in job\u200b openings. Additionally, the decline in resignations suggests\u200c that workers are less inclined to seek new job opportunities, potentially alleviating wage inflation.<\/p>\n<p>The decline in job openings was particularly notable in the health care and social assistance sector, as well as the finance and \u2063insurance industry. However, the \u2062information sector saw an increase in job openings, indicating potential growth in\u200c that field.<\/p>\n<p>Hiring also experienced a slight decline, with the accommodation and <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/u-s-job-openings-drop-sharply-labor-market-starting-to-loosen\/\" title=\"U.S. job openings drop sharply, labor market starting to loosen\">food services industry<\/a> being \u200bthe most \u2063affected. This industry had been a major driver of job growth \u200bsince the recovery from the\u2062 pandemic, but it is now facing challenges.<\/p>\n<p>It \u200bis important to note that the labor \u200cmarket is still in \u2062a state of gradual\u2062 easing, and layoffs remain relatively low.\u200b The overall services employment continues to grow, indicating\u2062 a positive\u2062 trend in the\u2064 economy. However, businesses are reporting difficulties in filling \u200dvacancies and reaching full staff levels, suggesting continued \u2062challenges in the labor market.<\/p>\n<p>The \u2062Federal Reserve is expected to keep interest rates unchanged in its upcoming meeting. The recent data on the labor market supports the speculation that the Fed&#8217;s tightening cycle may be nearing its end, with some economists predicting a rate cut in the second \u200bquarter \u2064of 2024.<\/p>\n<p>Overall, the October JOLTS report provides valuable insights into the current\u2062 state of the labor market in the United States. The decline in job\u200b openings and hiring, as well as the decrease in resignations, indicate the impact of higher\u200d interest\u2062 rates on \u200dlabor demand. Policymakers and economists will\u200d closely \u200banalyze these findings to determine\u200b the future \u2064direction of \u2064monetary policy and its implications for \u200bthe economy.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>December 5, 2023 \u2013 10:29 AM PST: U.S. job openings hit a 2-1\/2-year low in October, indicating that higher interest rates were reducing demand for workers. This strengthened the belief that the Federal Reserve&#8217;s tightening of monetary policy was coming to an end, leading to positive market expectations. Labor Department&#8217;s report<\/p>\n","protected":false},"author":1911,"featured_media":2116758,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[542],"tags":[],"class_list":["post-2116757","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-oann"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2116757","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1911"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2116757"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2116757\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2116758"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2116757"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2116757"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2116757"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}