The Job Market Was Better Than Expected In October | Global News Avenue

Although October’s hurricanes disrupted the job market, some important aspects of workers are improving as job openings increase and layoffs slow.

That’s according to a report released Tuesday by the U.S. Bureau of Labor Statistics, which showed the number of job openings increased to 7.7 million in October from 7.4 million the previous month. It also beat the expectations of 7.5 million forecasters, according to a survey of economists. Dow Jones Newswires and wall street journal.

Layoffs are near a record low, falling from 1.8 million to 1.6 million, and more people are quitting, a sign they are confident they can find better pay elsewhere.

The monthly JOLTS report adds detail to the job creation statistics reported in the previously widely reported Nonfarm Payrolls report. The report shows that the economy has only created There were 12,000 jobs during the monthThis is the lowest level since December 2020, largely due to the impact of Hurricanes Helen and Milton.

While the increase in job openings and the decrease in layoffs is encouraging, there is at least one sign of weakness: Just 5.3 million people were hired, down from 5.6 million in September.

The mixed report left economists with the impression that the labor market, while not as prosperous as last year, remains stable.

“While the labor market has cooled somewhat over the course of the year, it has not yet reached a point of concern,” CIBC economist Catherine Judge wrote in a commentary.