U.S. Job Openings Drop to 32-Month Low, Signaling Labor Market Cooling

Economists Optimistic as Slowdown Aligns with Federal Reserve's Anti-Inflation Goals

U.S. job openings dropped by 617,000 in October to a 32-month low of 8.73 million, signaling a cooling labor market.
Despite the drop, economists and Wall Street leaders are optimistic as this aligns with the Federal Reserve's goal to slow the labor market in its fight against inflation.
Experts believe the Federal Reserve could end its interest rate hiking campaign, with potential for rate cuts in 2024.
Job openings, despite falling from their peak of 12 million in March 2022, were still well above pre-pandemic levels in October at 8.73 million.
Some economists warn that if the labor market slowdown continues for too long, a recession could be likely in 2024.