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U.S. job openings rise, but labor market slowing

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U.S. job openings increased in October, but many of the help wanted signs could disappear amid widespread restrictions on businesses to slow rapidly spreading new COVID-19 infections.

FILE PHOTO: A"Now Hiring" sign sits in the window of Tatte Bakery and Cafe in Cambridge, Massachusetts, U.S., February 11, 2019. REUTERS/Brian Snyder

“The labor market remains miles and miles away from the best economy in 50 years in February before the pandemic struck,” said Chris Rupkey, chief economist at MUFG in New York. State and local government education saw a 23,000 increase in vacancies in October. Surprisingly, local government education has shed jobs in September, October and November. There were education job losses at state governments in September and October.

The JOLTS report followed on the heels of news last Friday that the economy created 245,000 jobs in November, the smallest gain in nonfarm payrolls since the jobs recovery started in May and the fifth straight monthly slowdown in employment growth. The economy has recouped only 12.4 million of the 22.2 million jobs lost in March and April.

 

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