US job openings rose last month, though hiring slowed, in mixed picture for labor market

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The number of job postings in the United States rebounded in October from a 3 1/2 year low in September, a sign that businesses are still seeking workers even though hiring has cooled.

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Taken as a whole, Tuesday's figures suggest that the job market might be stabilizing at a modest level, with hiring moderate but layoffs uncommonly low. The unemployment rate is at a low 4.1%, even though job gains slowed sharply in October, according to the“There's a lot of cause for optimism," said Cory Stahle, an economist at Indeed, the job listings website."The fact that job openings ticked up is always an encouraging sign.

Still, the latest ratio is down from a peak of roughly two job openings per unemployed person two years ago. Businesses have pulled back from the hiring frenzy that occurred as the economy emerged from the pandemic recession. The JOLTS report is separate from the monthly jobs figures, which will be released Friday. That report is forecast to show a net gain of nearly 210,000 jobs in November, up from an anemic 12,000 in October.

 

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