According to a report by Jinse Finance, the U.S. Bureau of Labor Statistics reported on Tuesday that the number of job openings in the United States rose to 7.67 million in October, the highest level in five months and above the market expectation of 7.15 million. Job openings are a key indicator of labor demand. Hiring activity continued to weaken: the number of hires in October fell by 218,000 to 5.149 million. The report also included data for September, with 7.658 million job openings and 5.367 million hires. Overall, the labor market remains in what economists and policymakers refer to as a “no hiring, no firing” state. Part of the labor market stagnation stems from a decrease in labor supply; immigration has declined since the last year of Biden’s term and accelerated its decline during Trump’s second term. In addition, the application of artificial intelligence in certain positions has also suppressed labor demand, especially affecting entry-level jobs.
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