US Weekly <br />Jobless Claims Drop.<br />Reuters reports that for the week ending <br />Oct. 15, new unemployment claims fell to 214,000.<br />Economists expected that number <br />to be higher at 230,000.<br />Earlier this month, the Labor Department reported that job openings decreased by 1.1 million.<br />Earlier this month, the Labor Department reported that job openings decreased by 1.1 million.<br />That is reportedly the most significant decrease in available jobs since April 2020.<br />But economists say extensive layoffs aren't likely since employers want to hold on to workers after experiencing hiring difficulties amid the pandemic.<br />The Federal Reserve continues to battle inflation, which directly affects the job market.<br />According to Investopedia, "as inflation accelerates, workers may supply labor in the short term because of higher wages – leading to a decline in the unemployment rate." .<br />But when workers' purchasing power doesn't hold up against rising inflation, the willingness to work often declines and the unemployment rate rises again.<br />Reuters reports that the Federal Reserve has increased its policy rate from close to zero at the start of the year to a current span of 3.00% to 3.25%. .<br />Reuters reports that the Federal Reserve has increased its policy rate from close to zero at the start of the year to a current span of 3.00% to 3.25%. .<br />Officials have suggested that <br />more increases are on the way
