Job opportunities didn’t shrink as expected in October, but hiring continued to stall and layoffs increased in a month when the US government was shut down and hundreds of thousands of federal workers were furloughed, according to new data released Tuesday by the Bureau of Labor Statistics.
There were an estimated 7.67 million US jobs available at the end of October, a slight increase from 7.66 million in September and 7.23 million in August (which was last available data prior to the federal shutdown), according to the latest Job Openings and Labor Turnover Survey.
Still, despite the very slight pickup in posted jobs, Tuesday’s report showed further weakening across the US labor market: Hiring activity slipped, layoffs moved higher and fewer people quit their jobs.
The BLS’ JOLTS report is a closely watched indicator of turnover activity, an important dynamism needed for a healthy labor market.
Tuesday’s data, however, comes with some added caveats as well as some added significance.
The October JOLTS report is the latest in a line of federal economic data affected by the federal shutdown. The report, which was originally slated for release last week, includes data for September, which had not been released until now.
The October data also was negatively impacted by the statistical agency’s inability to collect, process, analyze and disseminate economic data during the shutdown, which lasted from October 1 through November 12.
Still, it’s the first labor market release for October from the BLS. As such, it’s the most up-to-date official look at the job market for Federal Reserve policymakers, who are currently meeting to consider their next move on rates. An announcement is due at 2 p.m. ET on Wednesday.
This story is developing and will be updated.
Read More: Job openings unexpectedly ticked up in October, shutdown-delayed data shows
