Job openings in October slumped to the lowest level since early February, Indeed measure shows

Core Insights - Employment opportunities have reached their lowest level in over 4.5 years due to the ongoing government shutdown, as reported by Indeed [1] - The Job Postings Index fell to 101.9 as of October 24, marking a 0.5% decline from the start of the month and a 3.5% decrease from mid-August [2] - The Bureau of Labor Statistics (BLS) has not released its monthly Job Openings and Labor Turnover Survey (JOLTS) due to the government shutdown, leaving economists to rely on alternative data [3] Employment Trends - The most recent JOLTS report indicated job openings totaled 7.23 million, unchanged from July but down 7% from January [4] - There has been a pullback in salary offerings, with year-over-year wage growth in Indeed postings decreasing from 3.4% in January to 2.5% in August [4] Federal Reserve Response - The Federal Open Market Committee recently voted 10-2 to lower the benchmark interest rate by a quarter percentage point to a target range of 3.75%-4% due to concerns over a softening labor market [5] - Fed officials are closely monitoring real-time data, indicating a slowdown in hiring and a slight uptick in the unemployment rate over the summer [6] - Economists expect a decline of 60,000 jobs in October and an increase in the unemployment rate to 4.5% based on the anticipated BLS report [6]