Job openings fall in October amid Fed efforts to cool labor market

The Job Openings and Labor Turnover Survey showed there were 10.33 million vacancies for the month, decline of 353,000 from September and down 760,000 compared to a year ago.

Workers sort packages at a FedEx Express facility on Cyber Monday in Garden City, New York, on Monday, Nov. 28, 2022.Job openings dipped in October amid the Federal Reserve's efforts to cool off a red-hot employment market, the Labor Department reported Wednesday., a closely watched gauge of slack in the labor force, showed there were 10.3 million vacancies for the month. That's a decline of 353,000 from September and down 760,000 compared to a year ago.

The Fed has instituted a series of rate hikes aimed at bringing down runaway inflation. One area of particular focus has been the ultra-tight jobs market, with a 3.7% unemployment rate and wage gains that are helping to fuel price pressures.

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