The job-openings-to-job-seekers ratio is getting smaller
On Friday, the Bureau of Labor Statistics released some pretty underwhelming US jobs data, with only 12,000 nonfarm payroll jobs added last month — the lowest figure since December 2020, and considerably less than the reported 223,000 new jobs added this September.
The last major economic report before America heads to the polls, the smaller-than-expected growth is explained in part by the unprecedented impact of hurricanes Helene and Milton, as well as recent national strike action. But, as Luke Kawa noted, what was more worrying were the revisions to previous months: August job growth, first reported as +142K, was revised to +78K, the worst reading since December 2020.
Though it might not have always felt like it, for much of the past six years (pandemic-craziness aside), it’s been a job seeker’s market, with more job openings than people unemployed. The latest JOLTS data revealed that the ratio of job openings to job seekers is narrowing, as job growth has continued to slow.
The last major economic report before America heads to the polls, the smaller-than-expected growth is explained in part by the unprecedented impact of hurricanes Helene and Milton, as well as recent national strike action. But, as Luke Kawa noted, what was more worrying were the revisions to previous months: August job growth, first reported as +142K, was revised to +78K, the worst reading since December 2020.
Though it might not have always felt like it, for much of the past six years (pandemic-craziness aside), it’s been a job seeker’s market, with more job openings than people unemployed. The latest JOLTS data revealed that the ratio of job openings to job seekers is narrowing, as job growth has continued to slow.
