October Help Wanted Index drops to 23
The Conference Board’s October Help Wanted Index came in as expected at 23, down from September’s reading of 24 and last October’s reading of 29. The number of jobs advertised online fell 108,300, or 2.5%. There was a widespread decrease in help wanted advertising nationwide as all nine U.S. regions posted declines, though the steepest occurred in the Pacific, West North Central, and East North Central regions. The Conference Board’s labor economist Ken Goldstein noted that this is a consequence of a slowing economy, citing uninspiring readings of the Coincident Economic Index, Leading Economic Indicators, and Consumer Confidence. Goldstein does remark that a silver lining lies in the forward indicators of labor market activity, which show signs of flattening rather than declining. He does note, however, that this suggests slow labor market growth until the first quarter of 2008.