U.S. job openings drop in October, pace of hiring to moderate further in months ahead

U.S. job openings dropped in the month of October, but it continued to hover near the record highs. Job openings fell 181,000 to 6 million in the month. On a year-on-year basis, it rose 7.3 percent. The leveling off of openings in recent months implies a further moderation in the rate of hiring in the coming months, stated Wells Fargo in a research report.

Total unemployed workers per job opening stayed at 1.1, which is the lowest level since the series started in 2001. Meanwhile, turnover rebounded in October as impacts from the hurricanes unwound. Gross hiring saw a new cycle high of 5.55 million. Separations dropped to a seven-month low as layoffs dropped again.

The number of people quitting jobs remained the same over the month, maintaining the quit rate at 2.2 percent. Quits continue to be lower than the earlier cycle’s levels and are not giving much of a boost to average hourly earnings, noted Wells Fargo.

At 17:00 GMT the the FxWirePro's Hourly Strength Index of US Dollar was neutral at -5.53132. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex

FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest