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US job openings rise to 8 million as labor market remains sturdy

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Economy,Labor,Inflation

U.S. job openings rose unexpectedly in August as the American labor market continued to show resilience

Auto mechanic Willie Chung works on a vehicle at the Express Auto Service Inc., in Chicago, Thursday, Sept. 19, 2024. .

Layoffs fell in August. But the number of Americans quitting their jobs — a sign of confidence in their job prospects — slid to the lowest level since August 2020 when the economy was reeling from COVID-19 lockdowns. The overheating economy caused an outburst of inflation, and the Federal Reserve responded by raising its benchmark interest rate 11 times in 2022 and 2023. Inflation has come down — from a peak of 9.1% in June 2022 to 2.5% in August.

When the Labor Department releases its jobs report for September on Friday, it is expected to show that employers added 143,000 jobs last month and that the unemployment rate remained at a low 4.2%, according to a survey of forecasters by the data firm FactSet.

 

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