US labor market steadily cooling amid higher job openings, low layoffs
U.S. job openings increased solidly in October while layoffs dropped by the most in 1-1/2 years, suggesting the labor market continued to slow in an orderly fashion. But the Job Openings and Labor Turnover Survey, or JOLTS report, from the Labor Department on Tuesday also showed employers hesitant to hire more workers. The historically low level of layoffs is anchoring the labor market and the broader economy through higher wages that are driving consumer spending.
