Know The Difference Minute

The JOLTs report showed job openings increasing by 400,000 in September. There are now 10.7 million job openings.

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Jobs or no jobs?
Welcome to the Know the Difference Minute for Tuesday, November 1st.
In theory, one reaction to aggressive tightening by the Fed was a drop in open jobs. In fact, in August, Jerome Powell said American households and businesses could expect to experience pain and job losses.
Bit of a surprise today when the JOLTs report showed job openings increasing by 400,000 in September. There are 10.7 million job openings which means 1.9 jobs for every person looking for work.
There are open jobs and then there are HIRES. That’s where we see the cooling off. Hires dropped to their lowest level since February 2021. Quits—or people leaving for new jobs, also fell to the 2nd lowest level this year.
The ball is in the Fed’s court. Employment stays strong. Inflation stays hot. The next rate hike happens tomorrow.
I’m Dave Spano from Annex Wealth Management. That is your Know the Difference Minute.