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 ...
Mortgage rates in the US rose for the fourth consecutive week, with the average rate for a 30-year fixed mortgage reaching 6.54%, up from 6.44% the previous week, according to Freddie Mac. This marks the highest borrowing cost since early August, further straining affordability for homebuyers.
At the current average rate, monthly payments on a $600,000 loan would be approximately $3,808, up significantly from $3,628 when rates dropped to 6.08% in late September.
Sam Khater, chief economist at Freddie Mac, attributed the rise in rates to economic data outperforming downbeat expectations, contributing to volatility in mortgage rates. Recent data, including a decline in initial jobless claims, has reinforced the strength of the economy ahead of the Federal Reserve's upcoming November meeting.
While affordability pressures continue to weigh on the housing market, with sales of previously owned homes slipping to a 14-year low in September, the new home market remains robust. Purchases of new homes jumped last month to the fastest pace in more than a year.
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