Dec 10, 2016 07:09 AM EST

Hiring falls for third straight month;7.8 million unemployed workers are reported

On Wednesday,the Bureau of Labor Statistics reported that hiring is continually falling for the third straight month. In October, there were only 5.1 million new workers hired,a lower number compared to last year.

The Bureau of Labor Statistics said this was due to job vacancies, gross hiring,firing and employees quitting their jobs. The reasons for low gross hirings are due to a smaller number of available employees ready to work immediately.

According to Washington Examiner ,at under 5.1 million hiring has been trending lower than it was a year ago which a sign that labor market "churn" may be slowing.

On October,7.8 million unemployed workers are reported ,meaning there are 1.4 unemployed for each advertised job openings. The number of layoffs and terminations are also still the same.

Since July 2015,the number of separation has hit its lowest and there were 4.9 million Americans who left their jobs in October.Reports say that employers can't find workers to fill these jobs vacancies and most employers are unwilling to let go of their workers.

US News that Americans who quit their jobs in October is below 4.9 million .Economists say that quits are favorable to the labor market as it is an indication that Americans are more confident in their ability to find other jobs.In April,there were 5.8 million available jobs and right now,companies created 5.5 million job openings.

"Challenger, Gray & Christmas", an outsourcing company said that the total number of layoffs announced through November was down 5.5 percent from recorded job cuts over the same time frame last year.There were also less than 27,000 layoff announcements made.
John Challenger, the company's chief executive, said that even if the next administration creates some uncertainty among forecasters ,most employers are in a strong enough position to take a wait-and-see approach when planning for next year.

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