Payroll employment improved 0.1% in October, with gains in health care, finance, and transportation more than offsetting lower employment in admin, manufacturing, and retail trade.

Job vacancies couldn’t keep up the momentum though, falling 4% to 467K - the lowest reading since 2017.

Naturally, to post an eight-year low the declines have to be broad-based - with only manufacturing and other vacancies up on a Y/Y basis…

… which leads to a lot less negotiating power for job seekers, who have accepted consistently weaker wage growth over the past four quarters.