U.S. job openings tumbled in October to the lowest level in more than two years, the latest evidence that the Federal Reserve's interest-rate hike campaign is continuing to cool the labor market.
The Labor Department said Tuesday there were 8.7 million job openings in October, a decreased from the downwardly revised 9.3 million openings reported the previous month. Economists surveyed by Refinitiv expected a reading of 9.3 million.
The Federal Reserve closely watches these figures as it tries to gauge labor market tightness and wrestle inflation under control.
Elementary school educators gather to talk to prospective hires during a hiring event for Prince George's County school district hosted at Dr. Henry A. Wise Jr. High School in Upper Marlboro, Maryland, on Aug. 2, 2023. (Amanda Andrade-Rhoades/For The Washington Post via Getty Images / Getty Images)
Still, job openings remain historically high. Before the COVID-19 pandemic began in early 2020, the highest on record was 7.6 million. There are roughly 1.5 jobs per unemployed American.
This is a developing story. Please check back for updates.