An attendee speaks with a CSX Rail Corp. representative during a job fair in Albany, Wednesday, Oct. 2, 2024, in Latham, New York, U.S.
Angus Mordants | Bloomberg | Getty Images
The U.S. Bureau of Labor Statistics reported on Tuesday that available jobs rose in October, while employment fell over the course of the month, with job growth hitting its lowest level in nearly four years.
The U.S. Bureau of Labor Statistics said in its report that there were 7.74 million job openings this month, an increase of 372,000 from September and exceeding the Dow Jones estimate of 7.5 million. Job Vacancy and Labor Turnover Survey. The job vacancy rate as a share of the workforce increased from 4.4% to 4.6%.
That brings the ratio of available jobs to unemployed people to 1.1, about half of what it will be at the peak of the huge gap between supply and demand in 2022.
Hiring also fell as severe storms in the Southeast and two massive strikes involving longshoremen and workers disrupted the labor market. boeing company. The number of people recruited totaled 5.31 million, a decrease of 269,000 from the previous month, and the recruitment rate dropped to 3.3%. This also dropped by 0.2 percentage points.
However, the number of layoffs fell to 1.63 million, a decrease of 169,000 from September.
The data comes after the Bureau of Labor Statistics reported a month of nonfarm payrolls growth of just 12,000 jobs, the worst month since December 2020.
The Fed monitors the JOLTS report closely for signs of tightness or weakness in the labor market. The Fed is expected to cut its benchmark borrowing rate by a quarter of a percentage point when it meets later this month, in part to head off any potential weakness in the labor market.