Job Openings Rebound in August, Exceeding Expectations and Stoking Fed Rate Hike Concerns

August job openings totaled 9.61 million, surging nearly 700k from July and well above expectations, indicating labor market remains tight.
Hires rose only modestly to 5.857 million in August, up just 35k.
Increase in openings largely driven by professional and business services sector.
Stocks fell on news as tighter labor market could put pressure on Fed to maintain higher interest rates.
Openings declining in recent months but August report shows rebound, with openings still exceeding available workers.

cnbc.com

Relevant topic timeline:

8/31/2023

August jobs report likely to point to slowing labor market

The August jobs report is highly anticipated as investors assess the health of the labor market amidst rising interest rates and inflation, with projections indicating an increase in hiring and a steady unemployment rate, but potential disruptions from ongoing strikes and bankruptcies could affect the data. The report is closely watched by the Federal Reserve for signs of labor market softening as they grapple with inflation, and while the labor market has remained tight, there are indications of a gradual slowdown. Job openings have decreased, along with resignations, pointing to a labor market that is cooling.

9/1/2023

US adds 187K jobs in August, jobless rate rises to 3.8 percent

The US added 187,000 jobs in August, but the unemployment rate rose to 3.8 percent, indicating a plateau in the labor market as the Federal Reserve considers another interest rate hike.

10/3/2023

Job Openings Rebound in August After 3 Months of Declines

Job openings rose in August after three consecutive months of decline, with 9.6 million job openings recorded, indicating a tightening labor market and potential impacts on inflation and interest rates.

10/3/2023

US Job Openings Unexpectedly Surge in August, Though Below Record Highs

The number of job openings in the US unexpectedly surged in August, indicating the strength of the labor market, with 9.61 million open jobs, according to the Bureau of Labor Statistics.

10/3/2023

Job Openings Surge in August, Layoffs Steady

U.S. job openings unexpectedly increased in August, driven by demand for workers in the professional and business services sector, pointing to a tight labor market that could push the Federal Reserve to raise interest rates next month.

10/6/2023

U.S. Job Growth Surges in September, Exceeding Expectations Despite Slowing Wage Gains

Employers added 336,000 jobs in September, exceeding economists' predictions, signaling a stronger labor market and raising concerns that the Federal Reserve may need to raise interest rates further to control inflation.

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Posted 10/3/2023, 2:06:53 PM

Job Openings Rebound in August, Exceeding Expectations and Stoking Fed Rate Hike Concerns

August job openings totaled 9.61 million, surging nearly 700k from July and well above expectations, indicating labor market remains tight.
Hires rose only modestly to 5.857 million in August, up just 35k.
Increase in openings largely driven by professional and business services sector.
Stocks fell on news as tighter labor market could put pressure on Fed to maintain higher interest rates.
Openings declining in recent months but August report shows rebound, with openings still exceeding available workers.

cnbc.com

Relevant topic timeline:

8/31/2023

August jobs report likely to point to slowing labor market

9/1/2023

US adds 187K jobs in August, jobless rate rises to 3.8 percent

The US added 187,000 jobs in August, but the unemployment rate rose to 3.8 percent, indicating a plateau in the labor market as the Federal Reserve considers another interest rate hike.

10/3/2023

Job Openings Rebound in August After 3 Months of Declines

10/3/2023

US Job Openings Unexpectedly Surge in August, Though Below Record Highs

The number of job openings in the US unexpectedly surged in August, indicating the strength of the labor market, with 9.61 million open jobs, according to the Bureau of Labor Statistics.

10/3/2023

Job Openings Surge in August, Layoffs Steady

10/6/2023

U.S. Job Growth Surges in September, Exceeding Expectations Despite Slowing Wage Gains