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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.
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