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☆ US job openings hit more than 2-1/2-year low as labor market cools
▼ + stars: | 2023-12-05 | by ( Lucia Mutikani | ) www.reuters.com time to read: +6 min

Economists polled by Reuters had forecast 9.30 million job openings in October. Job openings decreased by 168,000 in the finance and insurance industry, while real estate, rental and leasing had 49,000 fewer positions. The job openings rate dropped to 5.3% from 5.6% in September. "The current state of the labor market suggests no further recalibration is necessary to bring the labor market back into balance," said Nick Bunker, director of economics research at Indeed Hiring Lab. They also described the labor market as remaining "very competitive," and "trying to get to full staff levels."

Persons: Brian Snyder, Rubeela Farooqi, Nick Bunker, Conrad DeQuadros, November's, Bill Adams, Lucia Mutikani, Chizu Organizations: Taylor Party, Equipment Rentals, REUTERS, Labor, Survey, Labor Department's Bureau of Labor Statistics, Reuters, Treasury, Brean, Institute for Supply Management, PMI, United Auto Workers, UAW, Comerica Bank, Thomson Locations: Somerville , Massachusetts, U.S, WASHINGTON, White Plains , New York, South, Midwest, New York, East, Dallas

☆ New US jobless claims edge down; continued claims on the rise
▼ + stars: | 2023-11-09 | by ( Dan Burns | ) www.reuters.com time to read: +3 min

Some economists contend the rise in continuing claims reflects difficulties adjusting the data for seasonal fluctuations. That would be consistent with the latest hiring data showing the job market is cooling. A separate report showed that there were 1.5 job openings for every unemployed person in September, down from around 2-to-1 when the job market was the most tight last year. The claims data adds to the case for the U.S. Federal Reserve to keep interest rates on hold for now, economists said. Vanden Houten, however, said she expects job market conditions to soften slowly, and now expects the first Fed rate cut to happen in September rather than May as she had previously forecast.

Persons: Brian Snyder, Nancy Vanden Houten, Dan Burns, Paul Simao, Franklin Paul Organizations: Taylor Party, Equipment Rentals, REUTERS, Labor Department, Reuters, U.S . Federal Reserve, Oxford Economics, Fed, CME Group's, Franklin Paul Our, Thomson Locations: Somerville , Massachusetts, U.S, Vanden Houten

☆ US job growth slows in October; unemployment rate rises to 3.9%
▼ + stars: | 2023-11-03 | by ( Lucia Mutikani | ) www.reuters.com time to read: +3 min

Nonfarm payrolls increased by 150,000 jobs last month, the Labor Department's Bureau of Labor Statistics (BLS) said in its closely watched employment report on Friday. The economy needs to create roughly 100,000 jobs per month to keep up with growth in the working-age population. The report could strengthen financial market expectations that the Federal Reserve is done raising interest rates for the current cycle. The labor market is the major force behind the economy's staying power, with gross domestic product recording an annualized growth pace of nearly 5% in the third quarter. But others disagreed, saying that the record-setting contracts would only become an issue for wage inflation if the Fed raised rates too high and choked off demand.

Persons: Brian Snyder, Detroit's, Lucia Mutikani, Nick Zieminski Organizations: Taylor Party, Equipment Rentals, REUTERS, Rights, United Auto Workers, UAW, Labor Department's Bureau of Labor Statistics, Reuters, BLS, Federal, UPS, Thomson Locations: Somerville , Massachusetts, U.S

☆ US job growth probably slowed in October due to UAW strike
▼ + stars: | 2023-11-03 | by ( Lucia Mutikani | ) www.reuters.com time to read: +5 min

The anticipated moderation in employment growth last month would also be pay back after September's enormous gains, the largest in eight months. The Labor Department's closely watched employment report on Friday is expected to show labor market conditions steadily easing, with annual wage growth the smallest in nearly 2-1/2 years and significant growth in the supply of workers. Manufacturing payrolls are forecast falling 10,000 after advancing 17,000 in September. Last week, the BLS reported at least 30,000 UAW members were on strike during the period it surveyed businesses for October's employment report. Wages gains would still be above the 3.5% that economists say is consistent with the Fed's 2% target.

Persons: Brian Snyder, Detroit's, Sam Bullard, payrolls, Veronica Clark, we've, Sung Won Sohn, we're, Brian Bethune, that's, Lucia Mutikani, David Gregorio Our Organizations: Taylor Party, Equipment Rentals, REUTERS, UAW, United Auto Workers, Labor, Federal Reserve, Labor Department's Bureau of Labor Statistics, Manufacturing, BLS, Citigroup, UPS, Finance, Loyola Marymount University, Boston College, Thomson Locations: Somerville , Massachusetts, U.S, WASHINGTON, Wells, Charlotte , North Carolina, New York, Los Angeles

[1/2] A "now hiring" sign is displayed outside Taylor Party and Equipment Rentals in Somerville, Massachusetts, U.S., September 1, 2022. Economists polled by Reuters expect a gain of 239,000 jobs in March, with hourly wages rising at a 4.3% annual rate and the unemployment rate remaining at 3.6%, a level seen less than 20% of the time since World War Two. Unemployment is still at a very low level," Boston Fed President Susan Collins said in an interview with Reuters last week. How "slack" in the labor market links to lower inflation may depend on where job growth slows, and over what timeline. "The services sector, in particular, has contributed substantially to recent inflation, reflecting ongoing imbalances in labor markets where supply remains impaired and demand remains robust," they wrote.

Yields on U.S. Treasury bonds rose after the release of the data, as did bets that the Fed may raise its target policy rate higher than anticipated. DIFFICULT TO PIVOTThe job openings data "will make it very difficult for the Fed to pivot" towards a slower pace of rate hikes, as many have expected, Jefferies economists Aneta Markowska and Thomas Simons wrote. Quits are seen as a sign of labor market strength, evidence that people either have a more attractive option in front of them or are confident of finding one. Balanced against the strength of the labor market is evidence that a slowing of inflation may be in the pipeline. Reuters Graphics Reuters GraphicsThe jump in job openings "is another example of data 'not cooperating' with the Fed's desire to slow the pace of rate hikes," Citi analysts wrote.

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