Hiring has been keeping pace but job openings, in a possible warning
sign of slowing for the labor market, have been on the decline. Job
openings fell 3.8 percent in September to 7.024 million, which is the
lowest total since March last year and is down 5.0 percent from
September last year.
Hirings rose 0.8 percent in the month to
5.934 million and, compared to September last year, were up 4.7 percent.
The spread between hirings and openings, at 1.090 million, is the
narrowest since February last year.
In a further sign of slowing
in the labor market, quits fell a sharp 2.9 percent in the month to
3.498 million which hints at less worker mobility and less pressure on
wage growth.
Growth in nonfarm payrolls, though still favorable,
has been slowing this year and the slowing in openings in this report
points to continued slowing for payrolls ahead. For the Federal Reserve,
these results highlight the risk that employment may be moving from
strength to moderation and that the outlook for wage growth may have
already peaked, results that favor the doves in their arguments for
continued rate cuts.
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