US Labor Market Cooling with Rising Job Openings and Decreased Layoffs.

Washington: U.S. job openings saw a significant increase in October, while layoffs fell sharply, marking the largest decline in 18 months. This trend suggests that the labor market is cooling down in a controlled manner.

According to Radio Television Brunei, the Job Openings and Labor Turnover Survey (JOLTS) report, released by the Labor Department on Tuesday, highlighted a cautious approach among employers towards hiring new workers. Despite the rise in job openings, a historically low level of layoffs is providing stability to the labor market and supporting the broader economy. This stability is partly due to higher wages, which continue to fuel consumer spending.