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1 December 2022 | Other

Number of jobs in the U.S. decreased to 10.3 million, an encouraging factor for the Fed

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According to the U.S. Labor Department’s survey, the number of available jobs in the country decreased to 10.3 million in October, which is approximately in line with the median estimate of Bloomberg’s economists. A month earlier, the number of jobs was 10.7 million. The recorded decline is an encouraging factor for the Federal Reserve (Fed), which aims at reducing demand in the labor market amid the current economic situation.

At the same time, the department’s report pointed to the fact that demand for workers is still rather high. Many employers are interested in finding new employees, as well as in supporting and retaining the current ones by increasing their salaries. However, demand gradually begins to fall amid interest rate hikes and worsening economic outlook.

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