U.S. job openings tumbled in October to the lowest level in more than two years, the latest evidence that the Federal Reserve's interest-rate hike campaign is continuing to cool the labor market.

The Labor Department said Tuesday there were 8.7 million job openings in October, a decreased from the downwardly revised 9.3 million openings reported the previous month. Economists surveyed by Refinitiv expected a reading of 9.3 million.

The Federal Reserve closely watches these figures as it tries to gauge labor market tightness and wrestle inflation under control. 

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Still, job openings remain historically high. Before the COVID-19 pandemic began in early 2020, the highest on record was 7.6 million. There are roughly 1.5 jobs per unemployed American. 

This is a developing story. Please check back for updates.