On Wednesday, the US Labour Department’s JOLTS report (the monthly survey of Job Openings and Labour Turnover) for October had reflected a shimmering beacon of hope at the end of the tunnel with a steady rise in US job openings, though sceptics undermined the report citing cynicism in context of widespread pandemic-led restrictions.
Besides, according to US Labour Department’s JOLTS report released earlier in the day, the US Job Openings, a closely watched indicator that gauges labour demands, rose by 158,000 to 6.65 million as of October 31, however, vacancies had been below their pre-pandemic 7-million level reached in February this year.
On top of that, as there had been an intransigent increase in Job Openings in social assistance and healthcare industry, state and local Government had witnessed a 23,000 rise in vacancies in October, however, local government education had continued to slash jobs over past three months.
US Job Openings rise, says Labour Department
In tandem, given the scale of widespread pandemic-led disruption in US labour market, layoffs rose to 243,000 to 1.7 million in October, though a large chuck of that sum included about 91,000 layoffs in temporary Federal Government jobs, mostly due to a scheduled departure of momentary Census workers.
Apart from that, Wednesday’s JOLTS report came against the backdrop of a modest rise in non-farm payrolls, while US investors created more than 245,000 jobs last month.
Nonetheless, in the face of an uphill battle for a sharply slowing US labour market which had recovered only 12.4 million of 22.2 million jobs lost in the shadows of the pandemic outbreak in March and April, October JOLTS data had dined out a delicate balance in US job market despite an upsurge in layoffs, while referring to a relatively steady US Job Openings, a JPMorgan economist in New York, Daniel Silver said following the US Labour Department data, “The JOLTS data are consistent with many other labor market indicators that point to steadying out in the job market lately following a period of very strong hiring. ”