Heard on the Street: Every day it feels like another big American company is announcing layoffs. But even if you squint, it's hard to find those layoffs showing up in job-market statistics.
All those big job-cut announcements aren’t denting layoff statistics—which says something about the job market
There were still close to two job openings for each person counted as unemployed, according to the Labor Department’s report for October.Every day it feels like another big American company is announcing layoffs. But even if you squint, it is hard to find those layoffs showing up in job-market statistics., or JOLTs, report, the Labor Department on Wednesday reported that a seasonally adjusted 1.39 million people were laid off or discharged from their jobs in October.
. It showed 10.3 million unfilled job openings on the last day of the month, down from September’s 10.7 million, but still close to two job openings for each person counted as unemployed during the month. The number of hires topped the number of separations—people leaving their job for any reason—by 329,000. That suggests this Friday’s November job report, which is based on readings taken relatively early in the month, could be strong.
To be sure, much of the recent flurry of firing announcements came in November, so it might be just a matter of time before they make a mark on the JOLTs figures. Initial claims for unemployment insurance have edged up in recent weeks, for example.
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