12-5-2023, 9:27 PM

US job opportunities cool, reaching a low not seen since March 2021

After increasing interest rates, U.S. firms advertised 8.7 million job postings in October, the fewest since March 2021, indicating that hiring is cooling but still solid.

From 9.4 million in September, the Labor Department reported Tuesday that openings fell considerably.

October laidoffs rose somewhat. American job quitters, who usually believe they can find better pay or working conditions elsewhere, were down somewhat.

Healthcare and social assistance lost 236,000 job openings last month, followed by finance (banking, insurance, and real estate), which has been hit hard by higher interest rates with 217,000, and hotels, restaurants, and bars with 124,000.

Even after October's dip, job vacancies are at record highs. For 32 months, they have exceeded 8 million, a milestone they attained in 2021.

America's hiring is decreasing after two years of rapid growth. Even so, companies have added 239,000 jobs per month this year. Unemployment has been below 4% for 21 months, the longest record since the 1960s.

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