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A sign of strength in the labor market: Job openings increased in August

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The number of available jobs in the US grew in August, signaling an undercurrent of strength in the labor market at a time when its vitals are being carefully monitored by the Federal Reserve.

There were an estimated 8.04 million job openings in August, an increase from an upwardly revised 7.71 million in July, according to new data released Wednesday by the Bureau of Labor Statistics. The latest tally equates to 1.1 available jobs for every person looking for one, BLS data shows. Economists were expecting the number of available jobs to land at 7.682 million, a slight increase from July’s initial total, according to FactSet consensus estimates.

“The key for the labor market boils down to the hires rate and the layoffs rate.” The number of layoffs dropped in August, showing that worrisome job-cutting activity doesn’t appear to be escalating. However, hiring activity continued to languish. “The layoffs rate is still very low, but that can turn on a dime, and I think that’s what’s worrying the Fed,” Sweet said. “I’d probably describe the labor market as ‘so-so.

 

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