Job Openings Drop

Last week’s employment report showed that the US economy created 263,000 jobs in the month of September and that the unemployment rate declined from 3.7% to 3.5%. Although the labor market remains relatively strong, one recent sign of softening is a drop in the total number of job openings. Currently, there are approximately ten million job openings in the US, the lowest level since June 2021, but still elevated from a historical perspective. In the week ahead, we will be closely tracking the release of Consumer Price Index (CPI) inflation data. The consensus expects inflation to decline to 8.1% from 8.3%. Alternatively, core inflation is expected to rise, which is not a trend the central bank would like to see after several rate hike cycles. The conclusion remains that the Fed needs to step harder on the brakes to cool the economy down. In that context, we are monitoring the impacts of ongoing interest rate hikes and whether they will result in a soft or hard landing.

This presentation may not be distributed, transmitted or otherwise communicated to others in whole or in part without the express consent of Apollo Global Management, Inc. (together with its subsidiaries, “Apollo”).  

Apollo makes no representation or warranty, expressed or implied, with respect to the accuracy, reasonableness, or completeness of any of the statements made during this presentation, including, but not limited to, statements obtained from third parties. Opinions, estimates and projections constitute the current judgment of the speaker as of the date indicated. They do not necessarily reflect the views and opinions of Apollo and are subject to change at any time without notice. Apollo does not have any responsibility to update this presentation to account for such changes. There can be no assurance that any trends discussed during this presentation will continue.   

Statements made throughout this presentation are not intended to provide, and should not be relied upon for, accounting, legal or tax advice and do not constitute an investment recommendation or investment advice. Investors should make an independent investigation of the information discussed during this presentation, including consulting their tax, legal, accounting or other advisors about such information. Apollo does not act for you and is not responsible for providing you with the protections afforded to its clients. This presentation does not constitute an offer to sell, or the solicitation of an offer to buy, any security, product or service, including interest in any investment product or fund or account managed or advised by Apollo. 

Certain statements made throughout this presentation may be “forward-looking” in nature. Due to various risks and uncertainties, actual events or results may differ materially from those reflected or contemplated in such forward-looking information. As such, undue reliance should not be placed on such statements. Forward-looking statements may be identified by the use of terminology including, but not limited to, “may”, “will”, “should”, “expect”, “anticipate”, “target”, “project”, “estimate”, “intend”, “continue” or “believe” or the negatives thereof or other variations thereon or comparable terminology.

Related Content