The number of job openings in September fell more than expected. The statistics come as investors closely monitor the labor market for signs of further cooling ahead of the Federal Reserve’s next interest rate decision on Nov. 7.
There were 7.44 million job openings at the end of September, down from 7.86 million in August and the lowest number of job openings since January 2021, according to new data from the Bureau of Labor Statistics released Wednesday.
The August figure has been revised downward from the originally announced number of 8.04 million job openings. Economists surveyed by Bloomberg had predicted that the report would result in 8 million new store openings in September.
Tuesday’s data also showed that the turnover rate, a sign of worker confidence, fell to 1.9% in September, down from a revised 2% in August.
Meanwhile, according to the Job Openings and Labor Turnover Survey (JOLTS), the number of employed people in the same month was 5.55 million, up from 5.43 million in August. The employment rate in September was 3.5%, up slightly from 3.4% in August.
The statistics kicked off a busy week of labor market data ahead of the Fed’s November meeting. Employment data for October is expected to be released on Friday. Wall Street estimates the U.S. economy added 110,000 jobs in October, down from 243,000 in September, according to Bloomberg data. Economists expect recent weather disruptions and a strike by Boeing (BA) workers to dampen overall pay increases this month.
As of Tuesday, the market had priced in a 96% chance that the Federal Reserve would cut interest rates by 25 basis points on Nov. 7, according to the CME FedWatch tool.
A job ad outside a store in Manhasset, New York, on September 16, 2015. REUTERS/Shannon Stapleton · REUTERS / Reuters
Josh Schafer is a reporter for Yahoo Finance. Follow him on X @_joshschafer.
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