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

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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.

The Federal Reserve wants to see the red-hot U.S. job market cool off, reducing pressure on businesses to raise pay, which can feed into higher prices. The central bank has raised its benchmark rate 11 times since March 2022 to combat inflation. The strong jobs data sent a ripple through U.S. markets with many investors seeing increased odds of more aggressive actions by the Fed. The Dow Jones dipped by 100 points in seconds.

 

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