The number of job openings in the United States dropped in October, but the labor market still remains historically tight despite the Federal Reserve’s efforts to cool demand and bring down inflation.
There were 10.3 million available jobs last month, down from nearly 10.7 million in September, according to the latest monthly Job Openings and Labor Turnover Survey (JOLTS) released Wednesday by the Bureau of Labor Statistics.
Economists had expected 10.3 million openings in October, according to consensus estimates on Refinitiv.
In October, the number of job openings fell in state and local government, non-durable goods manufacturing and federal government, according to the report.
There were about 1.7 job openings for each job seeker in October, down from 1.9 in September, according to BLS data. Fed officials have been watching this ratio closely, since tightness in the labor market means employees have greater leverage to seek higher wages, which in turn drives up inflation.
As openings fell, other labor turnover metrics showed some signs that the red-hot employment market is cooling: Quits inched down to 4.03 million from 4.06 million, the number of hired workers ticked down by about 84,000 to land just above 6 million, and layoffs rose. to nearly 1.38 million from 1.33 million the month before.
This story is developing and will be updated.