Washington (AP) Despite a cooling hiring trend, the number of job ads in the United States increased in October after hitting a three-and-a-half-year low in September.
The Labor Department reported on Tuesday that openings increased 5% to 7.7 million from 7.4 million in September. However, compared to 8.7 million job listings a year ago, the number is far lower.
Professional and business services, which includes engineers, IT workers, and accountants, as well as the restaurant, hotel, and banking sectors, had a significant increase in job vacancies last month.
According to the data, hiring fell overall at the same period, indicating that the labor market has slowed down from earlier in the year. However, after hitting a four-year low in September, the number of Americans quitting their jobs increased to 3.4 million in October.
The numbers offer a conflicting view of the labor market during a difficult period. Last month, the government revealed that hiring had drastically decreased in October, primarily as a result of the disasters and the Boeing strike. At 4.1%, the unemployment rate remained low.
The government’s November jobs report, which is scheduled to be released on Friday, is anticipated to indicate a recovery in hiring from the poor number from the previous month.
The Federal Reserve is keeping a careful eye on the employment figures. Fed officials may be prompted to lower their benchmark interest rate sooner in an effort to boost borrowing and spending and sustain the economy if they see any indication that hiring is drastically declining.
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