The S&P 500 (SPX) has reversed its early morning losses and is trading slightly higher after the U.S. Bureau of Labor Statistics (BLS) reported more job openings than expected.
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October’s Job Openings and Labor Turnover Survey (JOLTS) showed 7.67 million job openings, above the consensus estimate of 7.2 million openings. The BLS also released September’s JOLTS data, rising to 7.658 million from 7.227 million in August. Both September and October’s data were delayed due to the government shutdown
Employees Stay Put as Quits Level Drops Below Expectations
The survey also showed that employees prefer to stay with their jobs, reporting 2.941 million quits in October, below the estimate of 3.15 million and falling from 3.128 million in September.
Recent labor market statistics have pointed to a slow-to-fire-and-hire environment, although the JOLTS data highlights increased job openings from August to September and little change in October.
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