Job openings rise to five-month high as hiring slows: BLS

Core Insights - Futures traders anticipate a divided Federal Reserve will reduce the main interest rate by a quarter point, prioritizing labor market stability over persistent inflation concerns [3][4] - The probability of a rate cut has risen to 87.4% from 66.9% a month prior, with the current federal funds rate between 3.75% and 4% [4] Labor Market Conditions - Small business owners express frustration over the scarcity of qualified workers, despite job openings remaining above historical averages and increased compensation [5] - The unemployment rate has increased to 4.4% in September, indicating a cooling labor market, with hiring rates stagnating at 3.2% [6][8] - Job openings rose to 7.67 million in October, driven by the health care, retail, and wholesale trade sectors, although the quits rate fell to 1.8%, the lowest in nearly three years, reflecting low confidence in hiring prospects [8]