LABOR

Job openings slip in September, still high

U.S. employers advertised fewer open jobs in September compared with the previous month, but the number of available positions remains high by historical standards.

The Labor Department said Tuesday that employers listed 7 million jobs, down from 7.3 million in August. Job openings peaked at 7.6 million in November 2018 and have slowly declined since.

Tuesday’s report, the Job Openings and Labor Turnover survey, showed that 5.9 million Americans found jobs in September, the second-highest figure in the nearly 19-year history of the report and slightly below the record reached in July.

— Associated Press

AD

CORPORATIONS

Xerox sells its stake in Fuji Xerox to Fujifilm

Xerox Holdings agreed to sell 25 percent of Fuji Xerox to its Japanese partner, jettisoning its slice of the five-decade-old venture after a merger attempt fell through.

AD

Fujifilm Holdings will buy the stake for $2.3 billion and own 100 percent of Fuji Xerox, the companies said in a statement Tuesday.

Xerox, a name synonymous with the copying industry, had signaled since 2018 it intended to sever ties with its Japanese ally. Forged in 1962, the Fuji Xerox joint venture was one of the oldest tie-ups between an American and Japanese firm.

— Bloomberg News

ECONOMY

U.S. service sector's growth rose in October

Growth in the vast U.S. service sector rebounded in October after sinking to a three-year low in September.

AD

The Institute for Supply Management, an association of purchasing managers, reported Tuesday that its service index grew to 54.7 last month, up from 52.6 in September. Any reading above 50 signals growth.

The service sector, which accounts for more than two-thirds of U.S. economic activity, has been expanding for 117 straight months, according to the survey-based ISM index.

AD

Measures of sales, new orders and employment all rebounded from the previous month.

— Associated Press

ALSO IN BUSINESS

The FCC formally blessed T-Mobile US's proposed purchase of Sprint, publishing its order approving the merger of nationwide carriers passed by commissioners in a closed-door vote last month. The wireless combination still needs to clear a court challenge brought by states. It was approved by the Federal Communications Commission on a 3-to-2 Republican-led vote on Oct. 16, and publication of the order was delayed. The $26.5 billion deal won Justice Department approval in July.

— From news reports

COMING TODAY

8:30 a.m.: Labor Department releases third-quarter productivity data.

Earnings: CVS Health.

AD
AD