The number of available jobs in the US dropped in October to 8.7 million positions, a further reflection of cooling in the labor market, according to data released Tuesday by the Bureau of Labor Statistics.
Job openings trended back downward after landing above economists’ expectations in August and September. They’re now at their lowest level since April 2021, according to the BLS’ October Job Openings and Labor Turnover Survey report.
There are an estimated 1.3 jobs for every jobseeker.
Economists were expecting that the October postings would total 9.3 million, according to Refinitiv consensus estimates.
The Federal Reserve, in its fight to bring down inflation, has been hoping to see more slack in the labor market. An imbalance in the supply and demand for workers could cause wages to rise and add upward pressure on inflation.
In recent months, job gains have gradually eased, with the US adding only 150,000 jobs in October — the second-lowest monthly tally notched since 2021.
Other measurements of labor turnover are showing a loosening in the labor market, according to Tuesday’s JOLTS report: The number of new hires dipped to 5.89 million from 5.9 million; quits fell to 3.63 million from 3.65 million; and layoffs ticked up to 1.64 million from 1.61 million.
This story is developing and will be updated.
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