The U.S. labor market saw a positive sign this week as a new job openings report showed an increase of 8 million in August.The U.S. Department of Labor announced Tuesday that job openings rose to 8 million in August, an increase from 7.7 million in July, defying economists' expectations that vacancies would remain flat. The rise was driven by increased openings in the construction sector and state and local governments.
However, the job market has slowed, with hiring averaging just 116,000 new jobs per month from June to August — the weakest three-month stretch since mid-2020.The Labor Department's upcoming September jobs report, set for release on Friday, is projected to show employers added 143,000 jobs last month, while the unemployment rate is expected to hold steady at 4.2 percent, according to a survey of economists conducted by data firm FactSet.
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