FILE - A hiring sign is displayed in Northbrook, Ill., Wednesday, Sept. 21, 2022. On Wednesday the Labor Department reports on job openings and labor turnover for October. – U.S. job openings dropped in October but remained high, a sign that businesses became slightly less needy for workers as theEmployers posted 10.3 million job vacancies in October, down from 10.7 million in September, the Labor Department said Wednesday.
The number of open jobs dropped last month in construction, manufacturing, professional services such as architecture and engineering, and health care. They rose in financial services and remained high for restaurants, bars, and hotels. Many businesses then pass on the higher labor costs to customers through price increases, fueling inflation.
Fed Chair Jerome Powell is scheduled to speak about inflation and the labor market in a highly-anticipated speech Wednesday afternoon. Wall Street traders in particular will watch his speech closely for any signs he may give of how much further the Fed will raise interest rates.The Fed has hiked its benchmark interest rate six times this year to a range of 3.75% to 4%, the highest in about 15 years, in a bid to quell rampant inflation. Prices, near the highest in four decades.
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