By Stephen VanHorn @Adobe Stock
Austen Hufford of The Wall Street Journal is reporting that available jobs fell in October to the lowest level since early 2021. He writes:
The hot labor market that underpinned a surprisingly strong economy this year is showing signs of cooling, an indication that growth could ease in 2024.
The number of available jobs at the end of October was the lowest since March 2021, the Labor Department said Tuesday. Fewer openings come as the unemployment rate has edged higher this year, Americans are taking longer to find new jobs, and wage growth is slowing.
The November jobs report, out Friday, could provide additional clues about if the historically tight labor market is loosening further.
Less help wanted
Job openings fell 617,000 in October to 8.7 million. That level is well down from a record high of 12 million in March 2022, though higher than before the pandemic began. […]
Similarly, the unemployment rate remains very low. Economists estimate it held at 3.9% in November. But it has risen by a half-percentage point since the spring. Such an increase usually comes right before a recession.
See these five charts that show signs of a weakening job market.