The US Bureau of Labor Statistics found that the US labor market slowed in October, with job openings declining from 8.73 million to 9.35 million in September. This is also a decline from last October’s 10.47 million openings. The number of hires remained relatively stagnant at 5.9 million, as did total separations, at 5.6 million. 3.6 million workers quit their jobs while 1.6 million were subject to layoffs and discharges.

Further job market insights will be delivered to observers later in the week, with ADP private payroll numbers to be released on Wednesday while the monthly jobs report will be available on Friday, which the Federal Reserve is expected to scour in preparation for its next policy meeting.

The post Stocks Continue to Stammer Amid Jobs Data appeared first on theprimarymarket.com.

This trend appears to be resulting from a slowdown in hiring at larger firms, where most job applicants have historically sought to work. According to industry experts, buyout firms are faced with financing challenges that discourage them from introducing new job openings.

“The resumes that I’m seeing — and the quality of them — are better than what I’ve seen in a long time,” Robert Covington, managing partner of Braemont Capital Management LLC remarked. “It used to be really hard to leave one of the bigger firms because of what they are being paid or the opportunity and that’s just not there right now.”

New York-based recruiting firm Eastward Partners surveyed 15 U.S. private equity firms, finding that hiring had fallen at 12 of them in the six months ending May.

The post Small Firms Offer Entry Into Tight Private Equity Job Market appeared first on theprimarymarket.com.

Unemployment rose to 3.7%, compared to expectations of a rise to 3.5%. Average hourly earnings on a monthly basis rose by 0.3%, on par with expectations, while annual hourly earnings rise on a year-on-year basis rose by 4.3%, just short of an expected 4.4% rise.

In addition to May’s employment gains, figures from the previous two months were also revised. Employment gains over the past two months were revised to 294,000—a 41,000 rise from the initial figures – while March gains alone were raised to 217,000 from 165,000.

The post U.S. Jobs Report Exceeds Expectations appeared first on theprimarymarket.com.

On a positive note, the fall in job openings hints that the Federal Reserve’s efforts to cool the labor market are paying off, particularly as the central bank looks to create better balance in the fight against inflation.

“The decline in job openings since the start of the year indicates the cumulative impact of the Fed’s aggressive rate hike campaign is starting to bite,” economists at Oxford Economics observed. “However, the level of openings is still elevated, and we expect the Fed to opt for another 25bps increase this week as it looks to ensure that the rebalancing of supply and demand in the labor market continues.”

The JOLTS report comes in time for the Federal Reserve’s latest interest rate policy decision, which is set to be determined at its two-day policy meeting scheduled to commence on Wednesday.

The post U.S. Job Openings Slump to Lowest Level Since April 2021 appeared first on theprimarymarket.com.

The report indicates that there have been 1.9 job openings for every unemployed American in the first month of 2023. Experts believe that this will prompt Federal Reserve to consider job market conditions “too hot” for their efforts to fight inflation, causing further interest rate hikes in an attempt to produce a “cool down” effect. 

“The decline in job openings does not indicate any meaningful improvement in the balance between labor demand and labor supply from the perspective of the Fed,” Conrad DeQuadros, senior economic advisor at Brean Capital, told Reuters.

The labor demand continues to hit new historic highs. The 10.8 million job openings in January mean that there have been 20 straight months in which there were at least 10 million jobs available. This hasn’t happened since Labor Department started tracking data in 2000. Also, unemployment in the U.S. in January was the lowest since 1969 at 3.4%.

The Fed will probably see some positives in the JOLTS report, like the fact that the rate of layoffs increased, especially in the tech industry. Also, there have been fewer people willingly quitting their jobs, with 3.9 million being the fewest since May 2011.

The post Job Openings in U.S. Dip to 10.8 Million But Still Considered High appeared first on theprimarymarket.com.

The US Bureau of Labor Statistics found that the US labor market slowed in October, with job openings declining from 8.73 million to 9.35 million in September. This is also a decline from last October’s 10.47 million openings. The number of hires remained relatively stagnant at 5.9 million, as did total separations, at 5.6 million. 3.6 million workers quit their jobs while 1.6 million were subject to layoffs and discharges.

Further job market insights will be delivered to observers later in the week, with ADP private payroll numbers to be released on Wednesday while the monthly jobs report will be available on Friday, which the Federal Reserve is expected to scour in preparation for its next policy meeting.

The post Stocks Continue to Stammer Amid Jobs Data appeared first on theprimarymarket.com.

This trend appears to be resulting from a slowdown in hiring at larger firms, where most job applicants have historically sought to work. According to industry experts, buyout firms are faced with financing challenges that discourage them from introducing new job openings.

“The resumes that I’m seeing — and the quality of them — are better than what I’ve seen in a long time,” Robert Covington, managing partner of Braemont Capital Management LLC remarked. “It used to be really hard to leave one of the bigger firms because of what they are being paid or the opportunity and that’s just not there right now.”

New York-based recruiting firm Eastward Partners surveyed 15 U.S. private equity firms, finding that hiring had fallen at 12 of them in the six months ending May.

The post Small Firms Offer Entry Into Tight Private Equity Job Market appeared first on theprimarymarket.com.

Unemployment rose to 3.7%, compared to expectations of a rise to 3.5%. Average hourly earnings on a monthly basis rose by 0.3%, on par with expectations, while annual hourly earnings rise on a year-on-year basis rose by 4.3%, just short of an expected 4.4% rise.

In addition to May’s employment gains, figures from the previous two months were also revised. Employment gains over the past two months were revised to 294,000—a 41,000 rise from the initial figures – while March gains alone were raised to 217,000 from 165,000.

The post U.S. Jobs Report Exceeds Expectations appeared first on theprimarymarket.com.

On a positive note, the fall in job openings hints that the Federal Reserve’s efforts to cool the labor market are paying off, particularly as the central bank looks to create better balance in the fight against inflation.

“The decline in job openings since the start of the year indicates the cumulative impact of the Fed’s aggressive rate hike campaign is starting to bite,” economists at Oxford Economics observed. “However, the level of openings is still elevated, and we expect the Fed to opt for another 25bps increase this week as it looks to ensure that the rebalancing of supply and demand in the labor market continues.”

The JOLTS report comes in time for the Federal Reserve’s latest interest rate policy decision, which is set to be determined at its two-day policy meeting scheduled to commence on Wednesday.

The post U.S. Job Openings Slump to Lowest Level Since April 2021 appeared first on theprimarymarket.com.

The report indicates that there have been 1.9 job openings for every unemployed American in the first month of 2023. Experts believe that this will prompt Federal Reserve to consider job market conditions “too hot” for their efforts to fight inflation, causing further interest rate hikes in an attempt to produce a “cool down” effect. 

“The decline in job openings does not indicate any meaningful improvement in the balance between labor demand and labor supply from the perspective of the Fed,” Conrad DeQuadros, senior economic advisor at Brean Capital, told Reuters.

The labor demand continues to hit new historic highs. The 10.8 million job openings in January mean that there have been 20 straight months in which there were at least 10 million jobs available. This hasn’t happened since Labor Department started tracking data in 2000. Also, unemployment in the U.S. in January was the lowest since 1969 at 3.4%.

The Fed will probably see some positives in the JOLTS report, like the fact that the rate of layoffs increased, especially in the tech industry. Also, there have been fewer people willingly quitting their jobs, with 3.9 million being the fewest since May 2011.

The post Job Openings in U.S. Dip to 10.8 Million But Still Considered High appeared first on theprimarymarket.com.