The U.S. labor market showed signs of stabilization in October, with job openings climbing and the number of workers voluntarily leaving their positions reaching its highest point in five months, according to data released by the Labor Department on Tuesday.
Job openings rose to 7.74 million, up from 7.37 million in September, the monthly Job Openings and Labor Turnover Survey—or JOLTS—showed. This exceeded expectations for 7.49 million and was higher than even the most bullish estimates included in the Econoday survey of analysts.
The increase in job openings was driven by gains in professional services and the hospitality industry, particularly in hotels and restaurants. There was also substantial growth in information job openings.
Despite the overall gains, manufacturing job openings contracted for both durable goods and nondurables. Construction vacancies also fell….
