Job openings jumped and hiring slumped in October, key labor report for the Fed shows
The Bureau of Labor Statistics said Tuesday that while hiring decreased in October, the number of positions available increased during a month when payroll growth reached its lowest level in almost four years.
According to the BLS's Job opportunities and Labor Turnover Survey, there were 7.74 million job opportunities for the month, which was more than the Dow Jones estimate of 7.5 million and up 372,000 from September. Openings as a percentage of the labor force increased from 4.4% to 4.6%.
As a result, the ratio of open jobs to unemployed people increased to 1.1, which is almost half of its previous level during the height of the severe supply and demand imbalance in 2022.
Additionally, hiring slowed at a period when the labor market was hampered by two significant strikes involving Boei...