00:00We are starting to see them seven hundred sorry seven million six hundred and seventy thousand job openings the job openings rate four point six percent and the quits level at two million nine hundred forty one thousand for some context and as you know context changes everything. Michael McKee Bloomberg's international economics and policy correspondent joins us here on set. So Mike looking through these numbers and they're just crossing the terminal. What do you see? Well the interesting thing about this of
00:30course is that we haven't had any of these numbers for months and this is a sort of combination of September and October. I presume is loading very slowly on the Internet. I presume that the seven million six seventy job openings is end of November number or end of October number rather. So it is the most up to date as I'm not sure what September would would matter in there. But the thing that people are looking at is the is the the difference
00:59between hirings and separations and total separations according to this. Let's see here. Hey Mike why don't I let you look through some of that. Yeah. Here we go. Little change at five point one million. So it doesn't look like a lot of people were laid off. That's kind of the bottom line here is we want to look at not necessarily in this case the number of job openings.
01:24But the number of hirings and the number of separations and separations didn't change very much because the question is is this a low firing low hiring environment. And that seems to be the case right now. And especially when you see job openings go up. You're looking at a lot of jobs that may not have been filled. The layoffs rate one point two percent and the quits rate one point eight percent.
01:54Also type we go if you want WECO and pick your flag. But typically in the prior column there's a reading there is the reason that we don't have one because of the government shutdown. Yes because there is no prior reading. We're not getting actual data as a past data or we are getting it. It looks like for September but it's included in this. So it doesn't show up as the prior yet. It'll take a while to get that into our data.
02:22In terms of the market reaction you're seeing some of the gains and treasuries turn into losses this morning. You're looking at treasury yields. They are a little change but before they were moving lower stocks. They're still at their session highs of this morning. There you go. There's what two year yields look like stocks are still at their session highs. So treasuries don't like it. Equities do like it. But Mike just to carry off of Matt's point. The fact that we don't have any of the prior data that we haven't been getting a lot of data.
02:52Is that at this moment to interpret it? Once you go under the hood it gets a little bit easier and I've just been able to do that. When you look at total job openings during the months of September and October they went up in both months a little bit. So not a lot but a little bit. But then you look at hires and hiring went down in September and in October.
03:14And separations went up in September went down in October. So it looks like there was very little movement overall once you average those things out. And that tells you that not a lot changed which is going to make it interesting for the Fed to try to figure out exactly where the labor market is here.
03:36Now one number everybody's been looking at was to see government separations. Separations sounds so clinical. Is that firings or is that quits or is it both? It's all. It's firings, quits, layoffs. And we see government federal government went up in September significantly but then comes down again by half in October.
04:01So we expected a big jump in September because of the end of the fiscal year when all the people who had been fired by Doge stopped getting paid. And it looks like maybe we got some of that. But it's now come back some.
04:15So what what that would tell you about what the November employment levels are is a little hard to figure out.
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