A slight zig in the right direction versus September for both reports. ADP reported an addition of 113,000 jobs in October up from 89,000 in September.

Even better, this was a steady increase throughout the month and not an isolated week.

For the Jolts report, this number is a month stale. But it’s a good one to look at because it shows Job Openings which is a metric the Fed looks at to judge employment strength. An uptick from 9,497,00 to 9,553,000 jobs available will not cause the Fed any concern about a weakening job market. Are there really 9,553,000 jobs available. Many believe recruiting sights contain fake job postings or that firms keep job postings up even though there my not be a current open position. Prior to the pandemic, 7,594,000 was the maximum number of job openings we had seen for this century. The broad view here is that despite the uptick in Aug and Sept, job openings have been coming down an indication that the strength in the labor market is coming down.

 

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