Yahoo Finance Live’s Julie Hyman breaks down the latest economic data, including the October JOLTS report and pending home sales.
BRIAN SOZZI: Julie, over to you, breaking news here on the econ front.
JULIE HYMAN: Yeah, we have JOLTS. That's the big number coming out right now. JOLTS coming in at 10.33 million job openings. That is more than the 10.25 million that were estimated by economists.
So we did get a downward revision in the September number-- this number is for October, by the way-- to about 10.69 million the prior month. But nonetheless, definitely showing that there are still a lot of job openings, even as they fell down a little bit.
So again, the overall number of job openings, as of the last business day of October, 10.3 million. The number of hires and total separations, little changed during the month. Hires at 6.0 million, separations at 5.7 million. The quits at four million. Layoffs and discharges at 1.4 million.
So I'm still going through the numbers here but I do want to mention as well, pending home sales coming in with a drop of 4.6% in October. That is a smaller drop than estimated. Pending home sales year-over-year down 37%-- 36.7%. 36.7%, which is a little worse than estimated. But no huge surprises there, right? Pending home sales and the housing market generally, we know that's been weakening. Interesting to see that JOLTS report, guys, with more than estimated, even if it's decelerating.
BRAD SMITH: Yeah, and I was looking across some of the sectors or industries within here to see where it kind of mirrors with some of the data that we were even seeing come through the private payrolls figures. Because in particular here, looking through manufacturing, that continued to add jobs or job openings. Sequentially here between the year-over-year period from September 22, we've seen that continue to move higher into October.
But I think the larger thing here, too, is just thinking through, all right, where are some of these absences in jobs are actually being pulled out as well? And just, excuse me, as I'm reading through the figure as well, that actually decreased in manufacturing, which mirrors with what we were seeing in the private payrolls data.
So if you continue to see some of-- in these key categories, the manufacturing positions come down or more of the services-based positions come down, that also gives you a little bit more inclination around where we could see some weakness start to show up even further. And this, of course, is lagging even compared to the BLS data that we're gonna see come through tomorrow-- or Friday. But again, that gives you a little bit more inclination around where things are starting to show some weakness as well.
BRIAN SOZZI: Yeah, it was interesting, too, to see losses on the Dow accelerate after that JOLTS. Perhaps maybe the market wanted something worse, especially had that Fed meeting. But again, we always try to read so much in these little minute movements in the markets.