U.S. Job Openings Rise to 7.7 Million in October

In October, U.S. job openings increased to 7.7 million from 7.4 million in September, indicating a rebound despite an overall slowdown in hiring due to factors like hurricanes and major labor strikes, including at Boeing. This rise in job postings, particularly in professional services, hospitality, and finance, contrasts with a drop in hires to 5.31 million, emphasizing a mixed labor market. The number of people quitting jobs also rose to 3.4 million, signaling worker confidence despite the labor market's uncertainties. The Federal Reserve is closely monitoring these developments as they consider adjusting interest rates to support the economy, with markets anticipating a potential rate cut in December. The upcoming November jobs report is expected to reflect a recovery with an estimated addition of 220,000 jobs. The unemployment rate has remained steady at 4.1%.