October Sees Sharp Decline in US Job Openings, Hitting Lowest Level Since March 2021

Job openings in the US fell to their lowest level since March 2021, totaling 8.73 million in October, a decline of 6.6% from the previous month and well below estimates. The decrease in vacancies suggests a potential loosening of the historically tight labor market. The ratio of openings to available workers dropped to 1.3 to 1, down from around 2 to 1 a few months ago. The Federal Reserve closely monitors this data for signs of labor slack as it considers its next policy move. While job openings declined, total hires only saw a slight decrease, and quits remained relatively unchanged.