The Conference Board’s latest gauge of U.S. hiring momentum showed a slight monthly improvement in what remains a slowed employment climate, with more upward trending expected in the coming months as interest rate cuts by the Federal Reserve kick in for the larger economy.

The New York-based economic research group said its monthly employment trends index, based on several survey metrics, posted at 107.66 in October, up slightly from 107.58 in September, with upward changes pointing to improvements in hiring prospects. Conference Board researchers said the labor market continues to cool from its rapid post-pandemic pace circa 2022-2023, but there are signs that a slowdown of the past several months has begun to moderate.

“This comes at a time when we expect business uncertainty to begin lifting, as the Federal Reserve’s rate cuts start taking hold and uncertainty around the U.S. election subsides,” Mitchell Barnes, a Conference Board economist, said in a statement Monday.

The Labor Department on Friday reported the U.S. gained 12,000 jobs in October from the prior month, though the unemployment rate stayed low by historical standards at 4.1%.

The Conference Board said October data releases “underscored the resilience of the U.S. economy,” including in production, income and spending. The group said the economy is “growing at a healthy pace heading into 2025 as inflation and wage pressures continue to moderate.”

Among other industry indicators, the Associated General Contractors of America trade group said the latest government data showed construction jobs growing by 8,000 in October. That was spurred by an increase in construction spending, as the industry hiked hourly wages at a faster rate than many other industries.

“The job gains in construction occurred even though hurricanes in the Southeast probably dragged down hiring in previously fast-growing states,” the group's chief economist, Ken Simonson, said in a statement, noting data centers and infrastructure projects are among those keeping employment steady. “Contractors are hiring and raising hourly pay at above-average rates in an effort to keep projects on track.” 

Chevron is the latest major oil firm eyeing job reductions among other cost cuts, as the industry responds to factors that include corporate consolidation and shifting global demand for oil and gas exploration and production.

The San Ramon, California-based firm told Bloomberg that job cuts in regions including the United States are possible, as it expands staffing in other countries amid plans to reduce costs by $3 billion in the coming year. “We’re going to change where and how we do some of our work,” CEO Mike Wirth said, pointing to recent moves including Chevron’s opening of a $1 billion innovation hub in Bengaluru, India.

Chevron did not immediately respond to a request from CoStar News to comment.

Other firms have announced similar cost cuts this year in the oil and gasoline industry, a major user of industrial and retail real estate. Marathon Oil last week filed a notification with the state of Texas, warning of a “mass layoff” involving at least 500 workers at its Houston headquarters as a result of the company’s $17 billion acquisition by Houston-based ConocoPhillips announced in May.

Affected workers “may reasonably expect to experience a permanent loss of employment” in the 12 months following the closing of the acquisition in the current fourth quarter, according to the Marathon filing. ConocoPhillips said it expects to reduce costs by about $500 million in the first year after the takeover.

In late August, London-based Shell announced plans to cut about 20% of its global workforce as part of larger plans to reduce costs by up to $3 billion by the end of 2025, with cuts primarily targeting oil and gas exploration operations in places such as Houston and The Hague, Netherlands. An October state notification filing showed Shell plans to cut 103 workers at a company office in Houston, effective Dec. 13.

A large contingent of restaurant operators reported declining same-store sales in September in the latest tracking survey by the National Restaurant Association, another sign of challenges for the industry as consumers continue to trim spending.

The trade group’s national survey showed 47% of operators reporting their same-store sales dropping in September from a year earlier, marking the ninth consecutive month of annual declines, according to results reported Oct. 31.

“Restaurant operators also continued to report dampened customer traffic in September,” the Washington, D.C.-based trade group said in a statement. The group added that 50% of operators reported customer traffic down from September 2023, with 30% reporting higher traffic.

However, the restaurant group said 42% of respondents reported same-store sales rising from September 2023, up from 40% in the August survey and the highest level in four months.

Industry consulting firm Technomic has projected a slim 3.8% annual increase for overall U.S. restaurant sales in 2024, though fast-casual operators are expected to gain 6.4%.

Numerous U.S. dining chains and franchisees have responded this year to slowing sales and rising costs with financial moves that include bankruptcy filings, job cuts and location closings. Companies shutting stores or announcing pending closures have included Red Lobster, Buca di Beppo, TGI Fridays, Denny’s and Wendy’s.