Job openings tumble more than expected to the lowest since January 2021

Published On Oct 29, 2024, 3:40 PM

Recently released data indicates a significant decline in job openings in the U.S., dropping to 7.443 million in September, the lowest level since January 2021. This decrease of 418,000 job openings was unexpected, with forecasts previously estimating 8 million openings. The decline suggests a cooling labor market, as the ratio of employees quitting jobs has also diminished, indicating less market leverage for workers. The data prompts expectations for the Federal Reserve to consider further interest rate cuts to stimulate economic activity amidst signs of weakening in the labor sector.