US: Job market remains under severe stress, there are hints of improvement – Wells Fargo

Job openings improved marginally through September, but remain depressed, noted analysts at Wells Fargo. They point out the more recent data point to labor demand remaining weak and suggest that the jobs recovery will be slow-going in the near term. 

Key Quotes: 

“Job openings inched up to 6.44M in September from a downwardly revised level last month, but are down 8.7% yr/yr”

“Openings in most industries, including those in which working from home is more prevalent, are down since February, as the secondary effects of the pandemic have taken a toll beyond the jobs most directly impacted by social distancing.”

“While the labor market remains under severe stress, there are hints of improvement. Turnover fell in September, with the mix healthier; layoffs fell by 200K, while voluntary quits rose 179K.”