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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