In October, there were fewer "Now Hiring" signs, and more people decided to stick with their current jobs. About 8.7 million jobs were available, with 1.3 jobs for each unemployed person. This is the lowest number of job openings since March 2021, showing that the U.S. job market is not as hot as before. The data indicates a slowdown in hiring compared to the record numbers in March 2022. Experts say employers are being more careful about hiring, and this shift is happening after a period of big job growth and lots of opportunities. The Federal Reserve is watching this because too much demand for workers can lead to higher wages and prices. In October, the U.S. added only 150,000 jobs, which is not a lot. The report also shows that people are less willing to quit their jobs voluntarily, possibly because they feel less confident about the economy. Workers seem to prefer sticking with their current jobs, maybe because they're uncertain about the future.
source: https://www.cnn.com/2023/12/05/economy/jolts-job-openings-layoffs-october/index.html
While it's concerning to see a slowdown in hiring and job openings, it also reflects a recalibration in the job market that could potentially stabilize things in the long term.
ReplyDeleteIs this low amount of job openings a result of uncertainty with the fed? Are these trends going to continue into 2024?
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