Openings across all sectors declined to 10.3 million in October, down from 10.7 million the month before, according to data released on Wednesday by the Bureau of Labor Statistics.
The largest decreases in job openings were in state and local government excluding education, nondurable goods manufacturing, and federal government.Job openings cooling is a bit of good news for the Fed, which has been on an aggressive rate-hiking cycle in order to bring down the country’s towering inflation. High job openings can indicate that the labor market is still robust, and thus the rate hikes haven’t begun to eat into that so much as of yet.
“The labor market is not loosening up as much as Fed officials had hoped with over 10 million job openings at the end of October,” said Chris Rupkey, chief economist at FWDBONDS. “There is still a shortage of labor out there in the country, and if it persists, Fed officials will have to brake the economy harder with even more interest rate hikes.”
“Job openings are incredibly high relative to the number of people looking for work. It’s plausible, I’ll say, that job openings could come down significantly — and they need to — without as much of an increase in unemployment as has happened in earlier historical episodes,” Powell said following the September Federal Open Market Committee meeting.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Job openings fall in October amid Fed efforts to cool labor marketThe Job Openings and Labor Turnover Survey, a closely watched gauge of slack in the labor force, showed there were 10.3 million vacancies for the month. Fed causes recession. Fixed it Say this out loud to someone: 'Don Wells wrote a book about the Federal Reserve'
Source: CNBC - 🏆 12. / 72 Read more »
US: JOLTS Job Openings decline to 10.3 million in OctoberThe number of job openings declined to 10.3 million on the last business day of October from 10.7 million in September, the US Bureau of Labor Statist
Source: FXStreetNews - 🏆 14. / 72 Read more »
U.S. job openings fall to 10.3 million --- but labor market still too strong for the FedJob openings in the U.S. fell to 10.3 million in October in another sign the labor market is cooling off as the economy softens. But it doesn't appear to be...
Source: MarketWatch - 🏆 3. / 97 Read more »
October ransomware attack at St. Luke's now affecting employee's paychecksAfter an October ransomware attack that affected operations at St. Luke's Health hospitals, in Houston, systems have been resolved, but some staff members now complain the attack has hit their paychecks.
Source: FOX26Houston - 🏆 448. / 53 Read more »
Herschel Walker Hasn't Answered Reporters' Questions Since Start of OctoberHerschel Walker has not spoken to reporters on the campaign trail in nearly two months, recently dismissing a reporter's question about Trump’s meeting with white nationalist and holocaust denier Nick Fuentes. In August, he belittled reporters for asking what he planned to do if he won the race against Warnock. “You’re playing games,” Walker said when asked what policies he might pursue as senator.
Source: truthout - 🏆 69. / 68 Read more »
Review: Backyard Renaissance's 'October Night' a suspenseful tale of a family haunted by loss, secretsCompany executive artistic director Francis Gercke's darkly funny play was inspired by an incident in his own childhood
Source: sdut - 🏆 5. / 95 Read more »