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Job openings unexpectedly ticked up in October, shutdown-delayed data shows

<i>Phelan M. Ebenhack/AP/File via CNN Newsource</i><br/>A "Now Hiring" sign outside a GNC nutritional supplements store on November 23 in Orlando.
<i>Phelan M. Ebenhack/AP/File via CNN Newsource</i><br/>A "Now Hiring" sign outside a GNC nutritional supplements store on November 23 in Orlando.

By Alicia Wallace, CNN

(CNN) — Job opportunities didn’t shrink as feared in October and instead climbed to a five-month high. However, new shutdown-delayed data released Tuesday also showed that there’s still a deep chill running through the US labor market.

Hiring continued to stall, layoff activity picked up, and employees clung to their jobs with white knuckles: The voluntary quits rate (a closely watched indicator of worker confidence) fell to a five-year low.

There were an estimated 7.67 million US jobs available at the end of October, a slight increase from 7.66 million in September and 7.23 million in August (which was last available data prior to the federal shutdown), according to the latest Job Openings and Labor Turnover Survey released Tuesday by the Bureau of Labor Statistics.

Still, despite the very slight pickup in posted jobs, Tuesday’s report showed further weakening across the US labor market: Hiring activity slipped, layoffs moved higher and fewer people quit their jobs.

The BLS’ JOLTS report is a closely watched indicator of turnover activity, an important dynamism needed for a healthy labor market.

Tuesday’s data, however, comes with some added caveats as well as some added significance.

The October JOLTS report is the latest in a line of federal economic data affected by the federal shutdown. The report, which was originally slated for release last week, includes data for September, which had not been released until now.

The October data also was negatively impacted by the statistical agency’s inability to collect, process, analyze and disseminate economic data during the shutdown, which lasted from October 1 through November 12.

Still, it’s the first labor market release for October from the BLS. As such, it’s the most up-to-date official look at the job market for Federal Reserve policymakers, who are currently meeting to consider their next move on rates. An announcement is due at 2 p.m. ET on Wednesday.

This story is developing and will be updated.

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