US' low-hire, low-fire labour market: why jobs are scarce but layoffs remain low

What this means for your job search: Expect significantly fewer job openings and intense competition, as companies are highly selective and cautious about new hires. To stand out, demonstrate immediate value, tailor applications meticulously, and be prepared for a longer, more rigorous interview process. The latest US employment data has revived an increasingly familiar description of the US labour market: low hire, low fire. It is an unusual combination. Employers are adding very few workers, but they are also not cutting existing staff at a pace typically associated with such weak hiring. The result is a labour market that looks relatively stable on the surface, even as workers face fewer opportunities to find new jobs and businesses become more cautious about expanding. US employers added just 29,000 nonfarm jobs in September, far below the 84,000 increase expected by economists in the Dow Jones consensus. The unemployment rate rose to 4.2% from 4.1%, while labour force participation edged up to 61.8%. The increase in unemployment…