The number of job openings fell by 284,000 to 7.009 million in
September, well below Econoday's range of expectations. The surprisingly
steep drop was inflated by a sharp upward revision to August job
openings from 7.136 million to 7.293 million. September's decline also
shaved the year-on-year job openings gain to 12.5 percent, down sharply
from 18.1 percent in the prior month. Meanwhile the number of hires in
September fell to 5.744 million after reaching a revised series high of
5.906 million in August.
But the quits rate, previously described
as "elevated" by Fed Chairman Jerome Powell and regarded as a precursor
of wage pressures, remained at 17-year highs of 2.4 percent.
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