Job openings slide to 8.7 million in October, well below estimate, to lowest level since March 2021
Published Tue, Dec 5 202310:04 AM ESTUpdated 4 Hours Ago
thumbnail
Jeff Cox
Job openings openings totaled 8.73 million for the month, a decline of 617,000, or 6.6%, the Labor Department reported Tuesday in its monthly JOLTS report.
That was the lowest total since March 2021 and brought the ratio of openings to available workers down to 1.3 to 1.
Job openings tumbled in October to their lowest in 2½ years, a sign the historically tight labor market could be loosening.
Employment openings totaled a seasonally adjusted 8.73 million for the month, a decline of 617,000, or 6.6%, the Labor Department reported Tuesday. The number was well below the 9.4 million estimate from Dow Jones and the lowest since March 2021.
The decline in vacancies brought the ratio of openings to available workers down to 1.3 to 1, a level that only a few months ago was around 2 to 1 and is nearly inline with the pre-pandemic level of 1.2 to 1.
Federal Reserve policymakers watch the report, known as the Job Openings and Labor Turnover Survey, closely for signs of labor slack. The Fed has boosted interest rates dramatically since March 2022 in an effort to slow the labor market and cool inflation, and is contemplating its next policy move.
While job openings fell dramatically, total hires only nudged lower while layoffs and separations were modestly higher.
more
https://www.cnbc.com/2023/12/05/job-openings-slide-to-8point7-million-in-october-well-below-estimate.html
