New Telegraph

US Job Openings Drops Significantly In October Since 2021

The job openings in the United States (U.S.)in October dropped significantly to the lowest level since early 2021, indicating that the labour market was easing as higher interest rates cool demand in the economy.

Speaking on the impact on the nation’s economy, the Labour Department said in its monthly Job Openings and Labour Turnover Survey, or JOLTS report, on Tuesday that job openings, a measure of labour demand, fell 617,000 to 8.733 million on the last day of October.

It would be recalled that the economists poll had forecast 9.30 million job openings in October.

Data for September was revised lower to show 9.350 million job openings instead of the previously reported 9.553 million.

READ ALSO:

The slowing labour market and subsiding inflation have raised optimism that the Federal Reserve is probably done raising interest rates this cycle, with financial markets even anticipating a rate cut in mid-2024.

Since March 2022, the central bank has raised its benchmark overnight interest rate by 525 basis points to the current 5.25%-5.50% range.

The government is expected to report on Friday that nonfarm payrolls increased by 185,000 jobs in November, according to a survey of economists, boosted by the return of about 33,000 striking United Auto Workers union members. Payrolls increased by 150,000 positions in October.

Read Previous

JUST-IN: ECOWAS Court Orders Benin Republic To Pay Sunday Igboho 20m CFA

Read Next

2024: NNPCL To Start Pricing Crude Supplies Against Dated Brent