Job Openings in U.S. Rose in October to Four-Month High [View all]
Source: Bloomberg
By Shobhana Chandra - Dec 11, 2012
Job openings in the U.S. climbed in October to a four-month high, indicating the labor market is on the mend.
The number of positions waiting to be filled rose by 128,000 to 3.68 million from a revised 3.55 million the prior month, the Labor Department said today in Washington. Hiring also increased.
The pickup in openings lays the ground for the job growth needed to sustain consumer spending, which accounts for about 70 percent of the economy. At the same time, the lack of stronger employment prospects and a jobless rate that remains elevated help explain why Federal Reserve policy makers, meeting today and tomorrow, are weighing additional easing to spur growth.
“There’s improvement,” Ryan Sweet, a senior economist at Moody’s Analytics Inc. in West Chester, Pennsylvania, said before the report. Even so, “the progress on payrolls is nothing to be excited about,” and “the Fed is taking aim at the high unemployment rate,” he said.
Read more: http://www.bloomberg.com/news/2012-12-11/job-openings-in-u-s-rose-128-000-in-october-hiring-climbed.html
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