According to the latest results released Tuesday by The Bureau of Labor Statistics – the labor market is slowing down to its pre-pandemic days. The information is the first of many statistics to be released over the next few days – numbers which will provide a crucial snapshot into the US economy. However, the Boeing strike and Hurricanes Helene and Milton are tipped to distort the Bureau’s data in October.
The Bureau stated a total of 7.4 million unfilled jobs were recorded on the last day of September. The latest Job Openings and Labor Turnover Survey (JOLTS) report stated that the openings were in industries such as government, health care and social assistance. The recorded amount is significantly lower than an earlier prediction of 7.9 million.
The decline in the number of job openings reflects a slowing labor market, which is bouncing back to a pre-pandemic pace after a period of record growth. Economist, Eugenio Aleman said “I think the normalization of the labor market has continued to progress”
The latest Job Openings and Labor Turnover Survey (JOLTS) is the first of many reports to land this week in the lead-up to the election.
“Decreasing or subdued job openings, quits and hiring rates last month all point to a cooler labor market compared to one year ago,” Elizabeth Renter, senior economist, commented. “Employers aren’t bringing many folks on, and workers aren’t super eager to leave the comforts of their existing roles in the current environment.”
By CEO NA Editorial Staff
