Business Maverick: US Job Openings Fall to 10.3 Million in Hopeful Sign for Fed

at several large companies also appeared to have made Americans more hesitant to leave their current roles. The quits rate, a measure of voluntary job leavers as a share of total employment, dropped to 2.6%, the lowest since May 2021. Some 4 million Americans quit their jobs in October.

Some of the largest decreases in vacancies were in state and local government, excluding education; nondurable goods manufacturing and federal government. Openings increased in other services and finance and insurance.The ratio of openings to unemployed people dropped to 1.7 in October, matching the lowest in a year. That compares with roughly 1.9 in September.

Fed officials watch that ratio closely and have pointed to the elevated number of job openings as a reason to why the central bank may be able to cool the labor market — and therefore inflation — without an ensuing surge in unemployment. Chair Jerome Powell is scheduled to discuss the labor market and broader economic outlook later Wednesday.

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