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The combined September and October reports suggested the labor market remained in what economists and policymakers call a "no-hire, no-fire" state.
Labor market stagnation has been blamed on reduced labor supply amid a reduction in immigration that started during the final year of former President Joe Biden's term and accelerated under President Donald Trump's second administration. The adoption of artificial intelligence for some job roles is also reducing labor demand, especially for entry-level positions.
The quits rate, viewed by policymakers as a gauge of labor market confidence, slipped to 1.8%. That was the lowest reading since May 2020, and was down from 2.0% in September. Lower wages because fewer workers are changing jobs could, however, hurt consumer spending.
"This (quits rate) is a pretty 'cold' reading that has historically been consistent with wage growth of just 2.5% year-on-year," said James Knightley, chief international economist at ING. "That's not good news for consumption, but given in a service-sector economy, such as the U.S., the biggest cost input is the cost of your workforce, this suggests medium- to longer-term inflation will be on a downward trajectory."
The combined September and October reports suggested the labor market remained in what economists and policymakers call a "no-hire, no-fire" state.
Labor market stagnation has been blamed on reduced labor supply amid a reduction in immigration that started during the final year of former President Joe Biden's term and accelerated under President Donald Trump's second administration. The adoption of artificial intelligence for some job roles is also reducing labor demand, especially for entry-level positions.
The quits rate, viewed by policymakers as a gauge of labor market confidence, slipped to 1.8%. That was the lowest reading since May 2020, and was down from 2.0% in September. Lower wages because fewer workers are changing jobs could, however, hurt consumer spending.
"This (quits rate) is a pretty 'cold' reading that has historically been consistent with wage growth of just 2.5% year-on-year," said James Knightley, chief international economist at ING. "That's not good news for consumption, but given in a service-sector economy, such as the U.S., the biggest cost input is the cost of your workforce, this suggests medium- to longer-term inflation will be on a downward trajectory."
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JUST IN: 🇺🇸 Ex-President Trump claims that today's employment data in the United States was "manipulated" to tarnish his image.
In a statement after the release of the latest employment data, Trump asserted that the data was being politically altered ahead of the election cycle.
The comment has already sparked new discussions in markets and media, particularly given that macro data continues to drive both equity volatility and crypto appetite.
Regardless of whether you consider it politics or simply timing, one aspect is evident:
Markets are listening.
Expect more instability when narratives clash with figures in the coming months.
#Trump's #JobsInUS #MacroNews #Election2025
In a statement after the release of the latest employment data, Trump asserted that the data was being politically altered ahead of the election cycle.
The comment has already sparked new discussions in markets and media, particularly given that macro data continues to drive both equity volatility and crypto appetite.
Regardless of whether you consider it politics or simply timing, one aspect is evident:
Markets are listening.
Expect more instability when narratives clash with figures in the coming months.
#Trump's #JobsInUS #MacroNews #Election2025
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