US job openings rise, but labour market slowing | Malay Mail

People gather at the entrance for the New York State Department of Labor offices, which are closed to the public due to the Covid-19 outbreak in the Brooklyn borough of New York March 20, 2020. ― Reuters pic

The United States is in the throes of a new wave of coronavirus infections, with the number of confirmed cases crossing the 15 million mark on Tuesday. Job openings, a measure of labour demand, increased 158,000 to 6.65 million on the last day of October. Vacancies are below their 7 million level in February. There were increases in job openings in the healthcare and social assistance industry.

Layoffs increased 243,000 to 1.7 million. That included 91,000 layoffs in the federal government, largely due to the departure of the temporary Census workers. The layoffs rate rose to 1.2 per cent from 1.0 per cent in September.“The JOLTS data are consistent with many other labour market indicators that point to steadying out in the job market lately following a period of very strong hiring,” said Daniel Silver, an economist at JPMorgan in New York.

The stimulus package helped millions of unemployed Americans cover daily expenses and companies keep workers on payrolls, leading to record economic growth in the third quarter.

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