More evidence that the US job market remains hot after US job openings rise unexpectedly in August

📆 3-10-2023 19:40:00
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U.S. job openings unexpectedly rose in August, another sign the U.S. labor market remains strong desite higher interest rates — perhaps too strong for the inflation fighters at the Federal Reserve.

American employers posted 9.6 million job openings in August, up from 8.9 million in July and the first uptick in three months, the Labor Department said Tuesday. Economists had expected only another 8.9 million vacancies. The number of layoffs and of people quitting their jobs — a sign of confidence in their prospects — were both essentially unchanged from July.

Fed Chair Jerome Powell has expressed hope that hiring would moderate in the least painful way possible — with fewer vacancies and less job-hopping rather than through layoffs.

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