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U.S. job openings jump to 10.7 million — labor market still too hot for the Fed

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Job openings in the U.S. rose to 10.7 million in September in a sign that a scorching-hot labor market hasn’t cooled off as much as the Federal Reserve would like. Job listings increased from 10.3 million in August, the Labor Department said.

The numbers: Job openings in the U.S. rose to 10.7 million in September in a sign that a scorching-hot labor market hasn’t cooled off as much as the Federal Reserve would like.The number of job openings is viewed as a way to assess the strength of the labor market and the broader economy. Although companies still list a high number of open jobs, the total has fallen off from a record 11.9 million in March.

Key details: The number of people hired in September slipped to 6.1 million from 6.3 million to mark the lowest level in 15 months. That might be a sign businesses aren’t rushing to fill job openings anymore. The number of open jobs per unemployed worker edged up to 1.9. The Fed is watching the number closely and would like it to fall closer to the historical norm of around 1.2 or so.

 

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That’s because people have to work 2 jobs just to make ends meet!!!!

Expect very big rate hike of 100bp all the way

If this keep going maybe the fed rate would reach 5.5-6% before the inflation cools down.

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