US Job Openings Pick Up as Layoffs Ease

The video discusses a surprising increase in job openings for October, totaling 7,744,000, which is higher than both the previous month and the anticipated forecast. The quit rate has also risen, indicating improved job sentiment. However, concerns are raised by Rafael Bostic, the Atlanta Fed president, about the possibility of phantom jobs inflating these numbers, as companies may not be hiring as much as suggested. The Fed is investigating these discrepancies.

What does the term 'phantom jobs' refer to in the context of job openings?

What is the Fed's stance on the reported job openings?