U.S. job openings dropped sharply to a 3.
5-year low in September, with the largest impact felt in the South due to the aftermath of Hurricanes Helene and Milton. However, the disappointing report from the Labor Department on Tuesday was overshadowed by a Conference Board survey, which showed a rebound in consumer confidence and growing optimism about the job market. Job openings fell by 418,000 from August and 1.
9 million over the year to 7.443 million in September 2024, the lowest since January 2021, Reuters reported. The latest Job Openings and Labor Turnover Survey (JOLTS) report said that hires rose to 5.
56 million from 5.44 million in August 2024 and layoffs jumped to 1.83 million from 1.
67 million in August. However, the hire and layoff as a percentage of overall employment remain consistent with the pre-pandemic decade, CNN reported. Meanwhile, the recent Conference Board survey showed that consumer confidence is improving and they are optimistic about job growth .
In October, the Conference Board's Consumer Confidence Index increased to 108.7 in October from 99.2 in September.
It showed a 14.2-point spike in the Present Situation Index to 138.0 and a 6.
3-point increase in the Expectations Index to 89.1, which topped the 80-point mark that usually indicates recession concerns. "Consumer confidence recorded the strongest monthly gain since March 2021, but still did not break free of the narrow range that has prevailed over the past two years," said Dana M.
Peterson, Chi.