Labor Market Conditions Softening Slowly

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The labor market is gradually softening. 

Job openings fell to 10.3 million in October, continuing a months-long trend of declines. After an encouragingly large drop in August, openings rebounded in September. October’s decrease is a good sign that September’s rebound may have been a blip. But, openings are still historically high; there’s still more cooling to be done. 

Layoffs remained low, at 0.9%. The hires rate decreased slightly to 3.9%. 

The Fed’s aggressive interest rate hikes seem to be making their mark – openings decreased in particularly interest-rate dependent industries, like construction (-52,000). The Fed’s actions

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