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September’s JOLTS report gave mixed signals, painting a picture of a market that looks markedly weaker than previously thought, but one that also shows more signs of movement than it has for most of the year. The drop in job openings and the slight pickup in layoff activity (which remains low by historic standards) are concerning, especially after months of muted layoff activity. However, both are difficult to interpret alongside the uptick in the hires rate, which suggests a potential rise in employer confidence. Additionally, job openings data may have been impacted by Hurricane Helene.
Job openings fell much further