The first burst on Tuesday — a critical read on activity within the jobs market — showed that the once too-tight labor market is starting to look more like its pre-pandemic days.
Economists were expecting the number of job openings to land at around 7.9 million, declining from the prior month’s initial estimate of 8.04 million, according to FactSet estimates.
The decline in job openings reflects a labor market that has slowed back to a pre-pandemic pace after experiencing years of blockbuster growth.
“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 for NerdWallet, wrote in commentary issued Tuesday.
It’s also likely the last clean piece of labor market data: The ongoing Boeing strike and Hurricanes Helene and Milton are expected to heavily distort jobs data starting with the month of October.
Persons:
” Elizabeth Renter, NerdWallet, aren’t, It’s, Hurricanes Helene, Milton, “
Organizations:
CNN, Federal Reserve, Bureau of Labor Statistics, “ Employers, Labor, Boeing, Hurricanes