JOLTS: Some cold water on the last jobs report

Wells Fargo Research Team Wells Fargo

Summary

The September employment report a few weeks back shook up the recent narrative on the labor market, as it showed robust job growth, steady unemployment and smouldering wage growth. The latest release of September labor market data, however, suggests that employment conditions continue to soften. Job openings fell by 418K in September from a downwardly revised reading in August. While the number of job openings per unemployed, at 1.1, is consistent with the labor market remaining solid in an absolute sense, employers and employees are still in a wait-and-see mode. The share of workers quitting their job fell to a four-year low in September, and while despite ticking up last month, layoffs remain near historic lows.

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Wells Fargo Research Team

Wells Fargo

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