U.S. job openings fall to 10.3M in hopeful sign for Fed
BNN Bloomberg
U.S. job openings fell in October, reversing a surprise jump in the prior month, in a hopeful sign for the Federal Reserve as it seeks to curb demand across the economy.
The number of available positions decreased to 10.3 million in October from 10.7 million a month earlier, the Labor Department’s Job Openings and Labor Turnover Survey, or JOLTS, showed Wednesday. The figure was roughly in line with the median estimate in a Bloomberg survey of economists.
The report suggests demand for workers, while still robust, is moderating amid a darkening economic outlook and rising interest rates. Even so, many employers are still struggling to fill open positions. Labor-force participation is stuck below pre-pandemic levels, and businesses continue to raise wages to attract and retain workers.
