US job openings rose by 333,000 in September, according to the Labor Department’s JOLTS survey. Hires increased by 131,000 over the same month, while layoffs and separations fell by 127,000 to their lowest level since March 2025.
October’s labour data also came in firmer than expected. US nonfarm payrolls rose by 165,000, and the unemployment rate dipped 0.1 percentage points to 4.1 percent. ADP’s private payrolls estimate showed a smaller gain of 86,000.
Expectations shift as layoffs spread
The New York Fed’s consumer survey showed households are more worried about the labour market. The expected probability of a higher unemployment rate in a year rose 1.4 points to 45.3 percent, while the expected probability of finding a job rose 0.4 points to 46.5 percent.
Expected odds of losing a job over the next 12 months rose 0.4 points to 13.9 percent.
Tech and fintech firms cite AI restructuring
Challenger, Gray & Christmas counted 43,994 job cuts announced by US-based employers in October, down 71 percent from a year earlier. Even so, a series of technology, fintech and retail companies announced reductions tied to AI-driven restructuring.
Snap’s chief executive, Evan Spiegel, said AI advances were a factor in cutting about 16 percent of its staff.
Coinbase chief executive Brian Armstrong said AI lets smaller, focused teams get more done.
Source: Federal Reserve · Labor Department | Data: FRED — St. Louis Fed
