US job openings fell to their lowest level in more than two years in October, another sign of a cooling labour market that sparked a rally in government debt as traders bet on less aggressive monetary policy from the Federal Reserve.
The job-openings data offers more evidence that the US central bank’s efforts to damp demand with high interest rates is working — although officials insist cuts to rates are not on the cards in the near term.
US businesses advertised 8.7mn job vacancies in October, down from 9.6mn in September, according to the labour department’s Job Openings and Labor Turnover Survey released on Tuesday. It is the lowest level of openings since March 2021.