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Job openings slide to 8.7 million in October, well below estimate, to lowest level since March 2021

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Job openings tumbled in October to their lowest in nearly 2½ years, a sign that the historically tight labor market could be loosening.

Employment openings totaled 8.73 million for the month, a decline of 617,000, the Labor Department reported Tuesday. The number was well below the 9.4 million estimate from Dow Jones and the lowest since March 2021.

The decline in vacancies brought the ratio of openings to available workers down to 1.3 to 1, a level that only a few months ago was around 2 to 1.

Federal Reserve policymakers watch the report, known as the Job Openings and Labor Turnover Survey, closely for signs of labor slack. The Fed has boosted interest rates dramatically since March 2022 in an effort to slow the labor market and cool inflation, and is contemplating its next policy move.

This is breaking news. Please check back her for updates.

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Source: CNBC

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