The US labour market showed signs of a steady slowdown in October, with job openings increasing moderately and layoffs declining, according to the latest Job Openings and Labor Turnover Survey (JOLTS) report released by the Bureau of Labor Statistics on Tuesday. Job openings, a key indicator of labour demand, rose by 372,000 to 7.744 million at the end of October. However, the September figures were revised downward to 7.372 million from the initially reported 7.443 million. Economists polled by Reuters had anticipated 7.475 million vacancies. Labour Market Dynamics While job openings increased, hires dropped by 269,000 to 5.313 million, and layoffs fell by 169,000 to 1.633 million. These figures suggest a gradual cooling of the labour market rather than a sharp contraction. Hurricanes and strikes also impacted October’s labour market data. Rebuilding efforts in storm-affected regions and the resolution of strikes at Boeing and another aerospace company are expected to contribute to a ...
The eurozone's private sector failed to grow for the second consecutive month in October, as Germany and France — the bloc’s two largest economies — weighed on overall output, with no clear signs of recovery.
The composite Purchasing Managers' Index (PMI), published by S&P Global, edged up slightly to 49.7 in October, from 49.6 in September, remaining below the 50 threshold that indicates contraction. This reading aligns with analysts' expectations and highlights ongoing concerns about the eurozone's economic health.
Germany’s economy showed a slight improvement in its PMI, but continued struggles in France dragged down the overall region. German industrial giants are grappling with higher energy costs and reduced demand from China, while France's composite PMI slipped further to 47.3, indicating worsening conditions.
Despite small gains in the services sector, the eurozone remains stuck, with manufacturing output continuing to slump. Economists are warning of a potential sub-par expansion, which could dampen efforts to control inflation.
The European Central Bank (ECB), having reduced interest rates for the third time this year, is closely monitoring the situation. ECB officials expressed concern that weak growth may lead to disinflation, potentially bringing inflation below the bank's 2% target.
As firms in the euro area cut back on staffing and deal with fewer new orders, analysts are watching to see whether higher wages combined with falling inflation might eventually stimulate consumer spending and provide relief to the struggling services sector.
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