Job openings fell more than expected in September. The data comes as investors are closely watching for signs of further weakness in the labor market ahead of the Federal Reserve's interest rate decision on November 7.
New data from the Bureau of Labor Statistics released on Wednesday showed there were 7.44 million job vacancies at the end of September, a drop from the 7.86 million seen in August and the lowest number of job openings since January 2021.
The figure for August was revised down from the 8.04 million job openings initially reported. Economists polled by Bloomberg expected the report to show 8 million job openings in September.
Also in Tuesday's data, the unemployment rate, which reflects worker confidence, fell to 1.9% in September from a revised 2% in August.
Meanwhile, the Job Openings and Labor Attainment Survey (JOLTS) showed 5.55 million hirings were made during the month, up from 5.43 million seen in August. The take-up rate increased slightly to 3.5% in September, compared to 3.4% in August.
The data kicks off a busy week for labor market data ahead of the Fed meeting in November. On Friday, the October jobs report is scheduled to be released. Wall Street estimated the US economy added 110,000 jobs in October, well below the 243,000 seen in September, according to Bloomberg data. Economists expect recent weather disruptions and a strike by Boeing ( BA ) workers to dampen the overall job gains seen in the month.
As of Tuesday, markets were predicting a 96% chance that the Federal Reserve would cut interest rates by 25 basis points on Nov. 7, according to the CME FedWatch Tool.
