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 ...
Elon Musk has pledged to reduce US budget spending by at least US$2 trillion if Donald Trump secures victory in the upcoming November 5 presidential election, according to a report by Sputnik.
Speaking at a Trump campaign rally held at Madison Square Garden in New York, Musk, the headliner of the event, responded to fellow billionaire Howard Lutnick's question about how much of the US’s US$6.5 trillion budget could be cut. "I think we can do at least two trillion," Musk stated.
This promise has drawn criticism, with Bloomberg pointing out that Musk's position appears to contradict the interests of his own companies, which benefit from billions in US government contracts and investments.
Trump has previously expressed his willingness to offer Musk a position in the US government should he win the election, noting that Musk is eager to contribute to optimising government operations.
In the upcoming election, the Democratic Party is represented by Vice President Kamala Harris, while Trump is running on the Republican ticket.
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