Job openings fell more than expected in September. The data comes as investors closely watch for signs of further cooling in the labor market ahead of the Federal Reserve’s next interest rate decision on Nov. 7.
New data from the Bureau of Labor Statistics released Wednesday showed there were 7.44 million jobs open at the end of September, a decrease from the 7.86 million seen in August and the lowest level of job openings since January 2021.
August’s figure was revised lower from the 8.04 million open jobs initially reported. Economists surveyed by Bloomberg had expected the report to show 8 million openings in September.
Also in Tuesday’s data, the quits rate, a sign of confidence among workers, fell to 1.9% in September down from the revised 2% seen in August.
Meanwhile, the Job Openings and Labor Turnover Survey (JOLTS) showed 5.55 million hires were made during the month, up from 5..43 million seen in August. The hiring rate hit rose slightly to 3.5% in September, up from 3.4% in August.
The data kicked off a busy week of labor market data ahead of the Fed’s November meeting. On Friday the October jobs report is slated for release. Wall Street estimates the US economy added 110,000 jobs in October, down significantly from the 243,00 seen in September, per Bloomberg data. Economists expect recent weather disruptions and a strike from Boeing (BA) workers to limit overall payroll gains seen in the month.
As of Tuesday, markets were pricing in a 96% chance the Federal Reserve cuts interest rates by 25 basis points on Nov. 7, per the CME FedWatch Tool.
Josh Schafer is a reporter for Yahoo Finance. Follow him on X @_joshschafer.
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