US job openings unexpectedly surge, hiring slips
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The news: US job openings unexpectedly rebounded in August, rising to 8.04 million from 7.71 million in July, according to the Bureau of Labor Statistics’ JOLTS report.
The context: The data marks a three-month high in job openings, led by jumps in construction, state and local government sectors.
It follows two months of job opening declines, with hiring slipping and confidence waning as the jobs market cools.
The focus now shifts to September’s employment report due Friday, which is expected to shed more light on labour trends at a time the Federal Reserve is putting a higher weight on the labour market to guide interest rate decisions.
The numbers: Hirings slipped to 5.3 million with the hiring rate softening to 3.3%, the lowest since 2013, excluding the pandemic onset.
Layoffs also were little changed at 1.6 million, and the quits rate ticked lower from 2% the previous month to 1.9%, the lowest since June 2020.
The source: US BLS
