The daily business briefing: December 6, 2023

Job openings drop to their lowest since 2021, CVS simplifies prescription drug pricing, and more

CVS
CVS
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1. Job openings fall to lowest since 2021

U.S. job openings fell in October to a 2-1/2-year low, adding to evidence that the Federal Reserve's aggressive interest rate hikes to bring down inflation are having the desired effect of damping the economy. The Labor Department's Job Openings and Labor Turnover Survey indicated there were 1.34 vacancies for every unemployed person last month, down from 1.47 in September and the lowest since August 2021. The bigger-than-expected drop in vacant jobs came after inflation cooled in October, boosting expectations that the Fed would stop raising interest rates or even cut them as soon as March. Fortune, Reuters

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Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.