PHOENIX — U.S. employers posted 8.7 million job openings in October, the fewest since March 2021, in a sign that hiring is cooling in the face of higher interest rates yet remains at a still-healthy pace.
Openings were down significantly from 9.4 million in September. Hiring is slowing from the breakneck pace of the past two years.
Still, employers have added a solid 239,000 jobs a month this year. And the unemployment rate has come in below 4% for 21 straight months, the longest such streak since the 1960s.
The job market has shown surprising resilience even as the Federal Reserve has raised its benchmark interest rate 11 times since March 2022 to fight high inflation.
With inflation down from its peak two summers ago, Wall Street's hope is that the Federal Reserve may finally be done with its market-shaking hikes to interest rates and could soon turn to cutting rates. That could help the economy avoid a recession and give a boost to all kinds of investment prices.
