Jobs data is ‘telling a consistent story’ of strength: Economist

The US Bureau of Labor Statistics’ Job Openings and Labor Turnover Survey (JOLTS) revealed 7.74 million job openings for October. Economic Policy Institute Senior Economist Elise Gould joined Wealth! to analyze the report and share her labor market outlook.

“The data is telling a consistent story so far,” Gould observed, pointing to sustained labor market strength. She highlights that hiring slowed while job openings and quits increased, collectively signaling “a very strong economy.” Looking ahead to the November jobs report, Gould indicated she will be particularly focused on wages and job growth figures.

Addressing the consistently lower unemployment rate, Gould noted, “I think that’s promising as more people continue to come into the labor force.” However, she cautioned that any future increase in this figure could indicate a softening labor market.

Gould emphasized that the jobs data continues to show balanced growth, stating, “There continues to be strength, but there’s no overheating.”

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This post was written by Angel Smith