U.S. job openings rise from 18-month low in October
By Lucia Mutikani WASHINGTON (Reuters) - U.S. job openings rebounded from an 18-month low in October and layoffs declined sharply, which could ease some fears that demand for workers was ebbing.
By Lucia Mutikani
WASHINGTON (Reuters) - U.S. job openings rebounded from an 18-month low in October and layoffs declined sharply, which could ease some fears that demand for workers was ebbing.
Job openings, a measure of labor demand rose 235,000 to 7.27 million, the Labor Department said in its monthly Job Openings and Labor Turnover Survey, or JOLTS, on Tuesday. But the rise did not recoup all of the drop of 269,000 in September, which pushed vacancies down to their lowest level since March 2018.
Vacancies have been trending lower this year since hitting an all-time high of 7.63 million in late 2018. Job openings in October were led by the retail trade sector, which saw an increase of 125,000 unfilled jobs.
Vacancies in the finance and insurance industry rose by 56,000 jobs and there were an additional 50,000 open jobs in the durable goods manufacturing industry.
"The numbers should calm worries that employer demand for workers is drying up," said Julia Pollak, labor economist at ZipRecruiter. "Rather than falling substantially, job openings now appear to have remained fairly stable for over a year."
The job openings rate increased to 4.6% in October from 4.4% in September. But hiring decreased by 187,000 jobs to 5.76 million in October, concentrated in the private sector. The hiring rate dipped to 3.8% from 3.9% in September.
October's rebound in job openings suggests job growth could remain solid after nonfarm payrolls surged by 266,000 jobs in November, the most in 10 months.
"This may be the beginning of the end of the decline in demand for workers," said Nick Bunker, an economist at Indeed Hiring Lab. "Next year could see job openings start to grow once again."
With the labor market on solid footing, the number of workers voluntarily quitting increased by 41,000 jobs to 3.51 million in October. The quits rate, was, however, unchanged at 2.3%. The quits rate is viewed by policymakers and economists as a measure of job market confidence.
Layoffs dropped 202,000 to 1.77 million in November. Layoffs decreased in the accommodation and food services industry and other services, but rose in federal government as temporary workers hired for the 2020 Census completed their duties. The layoffs rate dipped to 1.2% from 1.3% in September.
(Reporting By Lucia Mutikani; editing by Jonathan Oatis)
This story has not been edited by Firstpost staff and is generated by auto-feed.
By Robin Emmott and John Irish | BRUSSELS/PARIS BRUSSELS/PARIS France and Germany will agree to a U.S. plan for NATO to take a bigger role in the fight against Islamic militants at a meeting with President Donald Trump on Thursday, but insist the move is purely symbolic, four senior European diplomats said.The decision to allow the North Atlantic Treaty Organization to join the coalition against Islamic State in Syria and Iraq follows weeks of pressure on the two allies, who are wary of NATO confronting Russia in Syria and of alienating Arab countries who see NATO as pushing a pro-Western agenda."NATO as an institution will join the coalition," said one senior diplomat involved in the discussions. "The question is whether this just a symbolic gesture to the United States
BEIJING Chinese President Xi Jinping on Wednesday called for greater efforts to make the country's navy a world class one, strong in operations on, below and above the surface, as it steps up its ability to project power far from its shores.China's navy has taken an increasingly prominent role in recent months, with a rising star admiral taking command, its first aircraft carrier sailing around self-ruled Taiwan and a new aircraft carrier launched last month.With President Donald Trump promising a US shipbuilding spree and unnerving Beijing with his unpredictable approach on hot button issues including Taiwan and the South and East China Seas, China is pushing to narrow the gap with the U.S. Navy.Inspecting navy headquarters, Xi said the navy should "aim for the top ranks in the world", the Defence Ministry said in a statement about his visit."Building a strong and modern navy is an important mark of a top ranking global military," the ministry paraphrased Xi as saying.