Another sign that the US job market remains hot after US job openings rise unexpectedly in August
U.S. job openings rose unexpectedly in August, another sign the U.S. labor market remains strong in the face of higher interest rates
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.U.S. job openings rose unexpectedly in August, another sign the U.S. labor market remains strong in the face of higher interest rates.
American employers posted 9.6 million job openings in August, up from 8.9 million in July, 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 inflation fighters at the Federal Reserve want 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.
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.
So far, the economy has cooperated. Openings and quits are down from their peaks, while the unemployment rate (at 3.8% in August) remains near a half-century low. And inflation, which hit a four-decade high in mid-2022, has decelerated markedly over the past year, raising hopes that the Fed can achieve a so-called soft landing — raising rates just enough to rein in rising prices without tipping the economy into a recession.