U.S. job vacancies rose to their highest level in five months in October, as hiring continues to slump

The number of job openings in the US rose to 7.67 million month-on-month in October, rising to the highest level in five months and above market expectations of 7.15 million, the Bureau of Labor Statistics reported on Tuesday. Job openings are a key measure of labor demand. Hiring activity continued to weaken: hiring fell 218,000 to 5.149 million in October. The report also includes data for September, when job openings were 7.658 million and hiring was 5.367 million. Taken together, the labor market remains in what economists and policymakers call a "no job, no job" state. The stagnation in the labor market is partly due to a reduction in labor supply, with immigration falling since the final year of Biden's term and accelerating during Trump's second term. In addition, the application of artificial intelligence in some positions has also suppressed labor demand, especially affecting entry-level positions.