US job openings jump to 7.52 million, ADP counts 86,000 private jobs, and a Fed official expects more rate hikes
Three CNBC reports give the labor and rates backdrop going into Friday's October jobs report.
Job openings rose by 333,000 in September to 7.52 million, well above the 7.15 million economists expected, the Bureau of Labor Statistics reported on Tuesday, November 3. Quits rose to 3.36 million, the most since March 2025, and there were about 1.05 openings for every unemployed worker.
On Wednesday, payroll processor ADP said private employers added 86,000 jobs in October, the same as September's revised figure and above the 75,000 expected. Professional and business services lost 27,000 jobs; people who changed jobs saw 4.8% annual pay gains.
On Thursday, Richmond Fed President Thomas Barkin told CNBC he expects the Fed will need to raise rates further, at a gradual pace, saying inflation is 'the most important risk right now' and that AI is pushing some prices up. The Fed held its benchmark rate at 3.75% to 4% at its last meeting after a hike in September. The official October payrolls report is due Friday, after this issue's window.
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JOLTS report
After exploring Job openings posted big September gain in positive sign for labor market ahead of payrolls report, to see how the openings number is measured, read JOLTS report.
Wikipedia explains the Job Openings and Labor Turnover Survey as a monthly Bureau of Labor Statistics survey of job openings, hires and separations, including quits and layoffs.
Wikipedia · Wade · 5 min
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Federal funds rate
After exploring Barkin sees interest rate hikes ahead, but at a gradual pace, for the rate Barkin wants to raise, try Federal funds rate.
Wikipedia explains the federal funds rate as the rate banks charge each other to lend reserve balances held at the Federal Reserve overnight.
Wikipedia · Wade · 5 min
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