FHN Financial chief economist takes a closer look at consumer confidence falling for the second straight month on ‘Making Money.’
U.S. job openings decline in October after unexpectedly surging the previous month, an early sign that the still-tight labor market is starting to lose some steam.
The Labor Department said Tuesday that there were 10.3 million job openings in October – a sharply decline from the previous month’s revised reading of 10.7 million.
The Federal Reserve closely watches these figures as it tries to gauge labor market tightness; the decline in openings could provide some relief for policymakers as they try to slow the economy and cool painfully high inflation.
“The number of job openings in October fell slightly from the previous month but the labor market is still too tight for central bankers,” said Jeffrey Roach, chief economist at LPL Financial. “Elevated job openings during a time of an economic slowdown implies that the labor market may remain tight for quite some time.”
This is a developing story. Please check back for updates.
