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U.S. Job Openings Increase in September, Labor Market Remains Tight

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Economy News

U.S.,Job Openings,Labor Market

U.S. job openings rose in September, indicating a tight labor market that will likely keep interest rates high. The Labor Department reported that job openings reached 9.553 million, up from the revised August figure of 9.497 million. Economists had predicted 9.250 million job openings for September. The Federal Reserve is expected to maintain its hawkish stance due to recent financial market conditions.

WASHINGTON - U.S. job openings increased in September, pointing to persistent labor market tightness that is underpinning the economy and likely to see interest rates staying high for some time.

Job openings, a measure of labor demand, were up 56,000 to 9.553 million on the last day of September, the Labor Department said in its monthly Job Openings and Labor Turnover Survey, or JOLTS report, on Wednesday. Data for August was revised lower to show 9.497 million job openings instead of the previously reported 9.610 million. Economists polled by Reuters had forecast 9.250 million job openings in September.

Fed officials were due to conclude their latest two-day policy meeting on Wednesday. The U.S. central bank is expected to leave interest rates unchanged but maintain its hawkish bias as a recent spike in U.S. Treasury yields and stock market sell-off have tightened financial conditions.

 

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