US Labor Market Recovery Faltering Even Before Second Wave
Job openings in the US registered a smaller than expected rise during September, even as hiring by companies reduced in the period.
Job openings in the US registered a smaller than expected rise during September, even as hiring by companies reduced in the period. This has increased fears that the rebound in the labor market that started after the lockdowns is already receding, and could only get worse with the second wave of coronavirus currently underway.
The JOLTS report released by the Labor Department reveals that job openings increased by 84k to 6.4 million by the end of September, continuing to remain under 7 million since February. Economists had forecast an increase to 6.5 million for the month instead.
Meanwhile, hiring activity fell by 81,000 to touch 5.9 million, with a steep decline in hiring across federal government, retail and educational sectors. Overall hires rate fell from 4.2% in August to 4.1% during September.
On a slightly positive note, however, layoffs reduced by 200k to touch 1.3 million during September – the lowest level seen in nearly 20 years. The rate of layoffs also declined from 1.1% in August to 0.9% for the period, driven lower by fewer layoff in the construction and wholesale trade sectors.
- Check out our free forex signals
- Follow the top economic events on FX Leaders economic calendar
- Trade better, discover more Forex Trading Strategies
- Open a FREE Trading Account
Related Articles
Comments
Sidebar rates
Related Posts
Save
Join 350 000+ traders receiving Free Trading Signals
Alerts
Rates
Calendar
Signals