New YorkCNN Business — 

Despite a stock-market bounce in October that gave the Dow its biggest monthly gain in more than 45 years, economists are warning that there’s a very real danger of recession in the United States. Mortgage rates are at their highest levels since 2002, consumer spending and business investment is falling and the Federal Reserve is fighting persistent inflation with higher interest rates.

But somehow, US labor markets have bucked the trend. The unemployment rate is 3.5%, a five-decade low. Demand for workers is strong. There are currently 1.7 job vacancies for every unemployed American.

We’ve got all the ingredients for a downturn and yet companies keep hiring.

What’s happening: New data this week will likely show that there were 10 million job openings at the end of September in the United States. That’s about the same as in August and still far greater than the 7 million openings pre-pandemic.

Labor costs have also grown at a rapid clip as employers increase salaries and benefits to attract and retain employees. US employment costs grew by 1.2% in the third quarter, according to Labor Department data released last week.

قال ديفيد كيلي ، كبير المحللين الاستراتيجيين العالميين في JPMorgan Funds: "في حين ينبغي أن تستمر فرص العمل في الانخفاض في الأشهر المقبلة ، فإن حقيقة أنها تظل أعلى بكثير من المستويات العادية يجب أن تستمر في دعم نمو الوظائف القوي ، وربما حتى عام 2023".