12/05/2023

Job Openings Fall to 32-month Low

The labor market is tightening from boom times

The number of job openings in the United States dropped more than expected in October to a 32-month low, signaling a slow down in employers’ hiring intentions last seen at the height of the COVID-19 pandemic in early 2021.

There were 8.7 million jobs in October down from 9.3 million the previous month, according to the Labor Department's Job Openings and Labor Turnover Survey, also known as JOLTS, released Tuesday morning. September figures were also revised downward.

The drop in job openings is a welcome development for the Federal Reserve, which has been fighting to bring down inflation by raising interest rates to cool off the broader economy. The Fed monitors job openings as a sign of its progress.

Please select this link to read the complete article from The Washington Post.