Open jobs in Oct. hit 2nd-highest mark
Employers hiring despite trade tiffs, volatile markets
WASHINGTON — The number of open jobs rose in October to the second-highest on record, evidence that U.S. employers remaindetermined to hire despite ongoing trade disputes and rocky financial markets.
The Labor Department said Monday that the number of job openings increased 1.7 percent to a seasonally adjusted 7.1 million. That is not far from the record of 7.3 million reached in August.
The number of people hired also climbed while the ranks of those who quit their jobs fell slightly.
The data underscore that the labor market remains strong and suggest that last Friday’s jobs report, which showed a modest drop in the pace of hiring, does not reflect a pessimistic outlook among employers.
The economy expanded over the summer and fall at the fastest six-month pace in four years.
On Monday, the markets remained volatile as stocks recovered from sharp losses in morning trading to end with modest gains. The Dow Jones Industrial Average, which lost as much as 507 points in early trading, edged up 34.31 points, or 0.1 percent, to close at 24,423.26.
The S&P 500 index picked up 4.64 points, or 0.2 percent, to 2,637.72.
The Nasdaq composite rose 51.27 points, or 0.7 percent, to 7,020.52.
The Russell 2000 index of smaller-company stocks slid 4.99 percent, or 0.3 percent, to 1,443.10.
Monday’s rebound was spearheaded by the technology sector, which was up more than 1 percent by mid-afternoon. Facebook shares were up nearly 3 percent, Microsoft up 1.7 percent and Intel was up 1.5 percent.
Daniel Wiener, chairman of Adviser Investments, said the market is being moved by day-traders responding to every nuance in the news and the marketplace.
“This is one of those headline moments when it’s easier to sell than it is to think about being an investor,” Wiener said. “Traders respond to every news blip. They are measured on their day-to-day performance. They are affecting this market. Investors have a long-term horizon and look at this relatively significant downturn and consider making purchases.”
On Friday, the government said employers added 155,000 jobs in November, down from 237,000 in the previous month and below the average monthly gain this year.
The unemployment rate stayed at a nearly five-decade low of 3.7 percent.
Monday’s report, known as the Job Openings and Labor Turnover survey, includes data on the number of jobs advertised by employers, as well as total hiring and the number of layoffs and quits. Friday’s job gain is a net figure.
Many economists saw the hiring decline in Friday’s report as a potential sign that the economy and job market are decelerating from robust growth achieved earlier this year after the Trump administration’s tax cuts and increased government spending took effect.
After healthy growth in the second and third quarters, the Federal Reserve Bank of Atlanta forecasts that the economy will expand at a slower but stillsolid 2.4 percent pace in the final three months of the year.
Growth is also likely to remain at that level in 2019, analysts estimate.
Job openings soared 7.6 percent in manufacturing to 522,000, where many employers say they are unable to find qualified workers. Factory jobs require highertech skills in areas such as robotics and computer-assisted machine tools.
Openings also jumped in construction, financial activities, and retail.
They fell in mining and logging, professional and business services such as accounting, and were essentially unchanged in health care.
The number of people quitting their jobs declined slightly and is down to 3.5 million, from a peak of 3.65 million in August. Quits are seen as a sign of job market strength, as most people quit for other jobs, typically at higher pay.