Job openings slip, quits rate hits record


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Texas Republican discusses how to get people back to work and improve the economy on 'Kudlow.' 

The number of job openings in the U.S. slipped off a record high in August as the quits rate increased to a record high. 

The total number of job openings fell by 659,000 to a seasonally adjusted 10.439 million at the end of August, according to the Labor Department’s Job Opening and Labor Turnover Survey, or JOLTS. The July reading was revised higher by 164,000 to 11.098 million.

Economists surveyed by Refinitiv were expecting 10.925 million available jobs. 

Industries that saw the largest decrease in the number of job openings include health care and social assistance (-224,000), accommodation and food services (-178,000) and state and local government education (-124,000). Job openings increased in the federal government (+22,000). 

Meanwhile, hiring fell in accommodation and food services (-240,000) and in state and local government education (-160,000). 

This as the total number of quits rose by 242,000 to 4,3 million. The quits rate hit a record high 2.9%. 

Quits increased in accommodation and food services (+157,000), wholesale trade (+26,000) and state and local government education (+25,000). 

Total separations, which include quits, layoffs and discharges, and other separations were little changed at 6 million. 

There have been 72.6 million hires and 66.7 million separations over the past 12 months, resulting in a net employment gain of 5.9 million.

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IMF slashes US growth forecast and warns of rising risks to the global economy

FXStreet 12 October, 2021 - 10:10am

Updated 10:56 AM ET, Tue October 12, 2021

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'The great reimagination of work': Why 50% of workers want to make a career change

CNBC 12 October, 2021 - 08:00am

The coronavirus pandemic has forced Americans to reassess their relationships with work. 

The Labor Department's most recent Job Openings and Labor Turnover Summary suggests that roughly 4 million Americans are quitting their jobs each month in a trend that has become known as "The Great Resignation." 

Today, CNBC and global gender equality firm Catalyst released a report titled "The Great Work/Life Divide: How employee desire for flexibility and employer concern is driving the future of work" on the subject. 

Conducted by Harris Poll, the survey of 907 workers finds that half of working Americans want to make a career change. 

"Over half of the employees want to leave [their jobs], and there's really two reasons that came out of the survey," Catalyst President and CEO Lorraine Hariton tells CNBC's Julia Boorstin.

"One is if they felt that their employers did not understand them, that they weren't providing empathy. This is especially true for working parents, male or female. They didn't feel good about the experience, and they're looking to leave. The second thing is that people are really leaning into flexibility, whether that's flexibility by location, by when they work, or how they work. They want to leave if the employer is not providing that."

Approximately 41% of those surveyed say they are considering leaving their job because their company has not cared about their concerns during the pandemic and a whopping 76% say they want their company to make work permanently flexible in terms of schedule and/or location. 

Of the roughly 50% of employed Americans who intend to make career changes because of the COVID-19 pandemic, 41% are seeking flexible and/or remote work, 39% desire a raise and/or promotion and 33% are interested in changing industries. 

"I think of this as the great reimagination of work, especially for office workers," Hariton says. "And companies really have to respond to that."

Almost one-third of employees who intend to make a career change because of the pandemic (32%) say they're going to look for another job in the same industry, while about 1 in 5 (22%) are going to quit their current job and start their own business.

In March 2021, CNBC and SurveyMonkey's Women at Work survey found that 65% of working women believe the pandemic has made things worse for women at work. 

"Women are continuing to do a disproportionate amount of housework and child care throughout the pandemic compared to men, but on top of these obvious drivers of burnout, we see that women are taking on more work in the office around employee well-being, as well as advancing diversity, equity and inclusion (DEI) efforts, which means their workloads just going up and up and up," Rachel Thomas, co-founder and CEO of, previously explained to CNBC Make It. 

And though Bureau of Labor Statistics data suggests that working women have been hit hardest by the pandemic, CNBC and Catalyst's recent survey finds that men are more likely to say their workplace has neglected them. 

Employed men are far more likely than employed women to say they are considering quitting their job because their company (50% vs. 30%) or manager (44% vs. 29%) has not cared about their concerns during the pandemic.

Hariton says the result is unexpected. 

"More men were intending to leave as a result of their COVID experience than women," she says. "We haven't really unpacked exactly why that is because the intuition is that women tend to have more unpaid work, they tend to be more involved with kids, they might be more burnt out, and they would want to leave, but it was the men actually. So that was very surprising."

Employed men are also more likely than employed women to say they're going to ask their employer for a raise and/or promotion (45% vs. 28%).

A common determinant as to whether a given worker is interested in leaving their job is if they have children.

"Working parents, in general, were more affected by the pandemic, both men and women," says Hariton. 

According to the survey, 54% of employed parents are considering leaving their job because their company has not cared about their concerns during the pandemic and 51% are considering leaving their job because their manager has not cared about their concerns during the pandemic. Just 29% and 25% of workers without children express the same resentments, respectively. 

Plus, employed parents are more likely than employed non-parents to say they intend to ask for remote work flexibility (51% vs. 34%), ask their employer for a raise and/or promotion (47% vs. 22%) and to quit their current job to start their own business (27% vs. 10%). 

Exhaustion may be a big driver of the differences among workers with and without children. Just over 3 in 5 employed parents of kids ages three to 17 said that they feel they are burnt out at work from managing their children's education needs during covid-19.

Many organizations appear to be responding to the concerns of working parents — 52% of respondents say their employer has improved their childcare offerings and policies since last year.

And Hariton says changes like these are an opportunity for employers to build a better working environment.

"We are really in a time to really reinvent work, and to create a more equitable, inclusive and fulfilling workplace for everyone," she says. "We have an opportunity to use technology and use what we've gotten from the pandemic to really change the nature of work and make it a better life for everyone."

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JOLTs, Treasury Auctions, China Car Slump - What's Moving Markets By 12 October, 2021 - 05:36am -- The Labor Department's monthly look at job vacancies will cast light on the tension between record openings and weak job creation. The Treasury will auction 10-year notes against a backdrop of rising inflation fears. China's car sales slumped in September and the Bank of England gets more reasons to raise interest rates. Stocks are inching lower in the calm before the third-quarter earnings storm and the U.S. updates on its estimates for supply and demand in world agricultural markets. Here's what you need to know in financial markets on Tuesday, 12th October.

Fresh data will shed light on the puzzle that is the U.S. labor market, with the Labor Department’s monthly Job Openings and Labor Turnover survey (JOLTs) for August.

Vacancies are expected to have dipped after surging to nearly 11 million earlier in the spring and summer, but the sectoral and geographical breakdown will likely shed light on why the economy only ended up adding 194,000 jobs last month, its weakest performance so far this year.

There’s also the monthly outlook from Redbook Research, as well as speeches by Federal Reserve vice-chairman Richard Clarida at 11:15 AM ET and Atlanta Fed President Raphael Bostic at 12:30 PM.

New data showed Chinese car sales slumping 17% on the year in September, their worst decline in a year. For the third quarter as a whole, they were down 13% from a year earlier.

Elsewhere in China,  a growing number of real estate developers are starting to hit the wall, missing interest and principal payments either partly or in full as the problems of China Evergrande (OTC:EGRNY) make it harder for them to refinance.

In addition to Evergrande and Fantasia, Sinic has said it won’t meet a combined interest and payment deadline by Oct. 18, while Xinyuan said it can only repay 5% of its notes due on Friday. Modern Land, meanwhile, has asked for a three-month extension on debts falling due before the end of the month. Yields as measured by Bloomberg’s China junk bond index surged to a fresh high of just under 18%.

U.S. stock markets are set to extend their poor start to the week, a day before JPMorgan (NYSE:JPM) informally opens a third-quarter earnings season that may substantiate fears of earnings growth having peaked for the present.

By 6:20 AM ET (1020 GMT), Dow Jones futures were down 56 points, or 0.2%, while S&P 500 futures were down 0.1% and Nasdaq 100 futures were up less than 0.1%.

There will be a fresh test of sentiment in the bond market at 1 PM ET with the auction of 10-year Treasury notes, the first bond sales since lawmakers declared a temporary truce in the war over the debt ceiling.

Stocks likely to be in focus later include Chevron (NYSE:CVX), which posted some details about its ‘ambition’ to reach net zero carbon emissions late on Monday, and construction supplies group Fastenal (NASDAQ:FAST), which reports quarterly earnings. 

Europe’s economy continues to throw out mixed signals: Germany’s ZEW index, the first of the big sentiment indices to be published each month, fell to its lowest since February 2020 in September, with a larger-than-expected drop to 22.3 from 26.5 in August. That follows the triple whammy from Europe’s largest economy last week, which included falling orders, output and exports.

The U.K. meanwhile issued a thoroughly decent set of labor market statistics, employment rising by 235,000 in the three months through August to stand above its pre-pandemic level for the first time.

Average earnings excluding bonuses rose 6.0%. Although the Office for National Statistics said they are distorted by base effects, they still illustrate the pressures referred to by Bank of England officials who now seem set to raise interest rates before the end of the year.

Crude oil prices consolidated close to seven-year highs overnight, with no sign of the energy crisis in China and Europe relenting, and plenty of demand for liquid fuels coming from the reopening of economies across southeast Asia and Australasia in particular. China said it will allow some wholesale electricity prices to rise again to balance supply and demand, while India lifted restrictions on airlines' flying capacity.

By 6:30 AM ET, U.S. crude futures were down less than 0.1% at $80.47 a barrel, while Brent futures were down by a similar amount at $83.56 a barrel.

The day’s highlight for commodity traders comes at 12 PM with the publication of the World Agricultural Supply and Demand Estimates report from the U.S. government. That comes as Cotton futures hit 10-year highs.

(Bloomberg) -- The conditions required to begin tapering the Federal Reserve’s bond-buying program have “all but been met” amid high inflation and ongoing rehiring in the job...

By Laila Bassam and Maha El Dahan BEIRUT (Reuters) -A probe into the catastrophic Beirut port explosion was frozen on Tuesday for the second time in less than three weeks after...

(Bloomberg) -- U.S. consumers’ expectations for inflation continued to rise in September amid elevated price pressures, according to a Federal Reserve Bank of New York...

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