Weaker US Job Openings Reduce Expectations for Fed Rate Hikes

The US labor market showed signs of slowing in August as job openings fell more than expected. According to the Bureau of Labor Statistics (BLS), job openings decreased to 7.079 million, below economists' estimate of 7.23 million.

This weaker hiring demand reduces expectations for further Federal Reserve rate hikes. The Fed raised its main interest rate by 0.25 percentage points in September, bringing it to 3.75%-4.00%, and officials have said that further increases are needed to control inflation.

The JOLTS report shows that hiring rose slightly to 5.192 million, while layoffs fell to 1.641 million. The unemployment rate remained at 4.1%. Weaker job data supports Bitcoin and gold by reducing expectations for higher interest rates.