The number of job openings fell in October, an indication that the labor market is slowly starting to feel the effects of the Federal Reserve’s interest rate hikes.
Openings across all sectors declined to 10.3 million in October, down from 10.7 million the month before, according to data released on Wednesday by the Bureau of Labor Statistics.
The largest decreases in job openings were in state and local government excluding education, nondurable goods manufacturing, and federal government.Job openings cooling is a bit of good news for the Fed, which has been on an aggressive rate-hiking cycle in order to bring down the country’s towering inflation. High job openings can indicate that the labor market is still robust, and thus the rate hikes haven’t begun to eat into that so much as of yet.
“The labor market is not loosening up as much as Fed officials had hoped with over 10 million job openings at the end of October,” said Chris Rupkey, chief economist at FWDBONDS. “There is still a shortage of labor out there in the country, and if it persists, Fed officials will have to brake the economy harder with even more interest rate hikes.”
“Job openings are incredibly high relative to the number of people looking for work. It’s plausible, I’ll say, that job openings could come down significantly — and they need to — without as much of an increase in unemployment as has happened in earlier historical episodes,” Powell said following the September Federal Open Market Committee meeting.
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