Unprecedented increases in job openings in the United States keep the Federal Reserve under pressure.
The number of job openings in the US increased in September, which was a surprise. This shows that the job market is still tight, which could keep wages going up and keep the Federal Reserve on a path of steep interest rate hikes.
The Labor Department’s Job Openings and Labor Turnover Survey, or JOLTS, showed on Tuesday that the number of open jobs went up from 10.3 million in August to 10.7 million in September. A Bloomberg poll of economists showed that the most common prediction was for the number to drop to about 9.8 million.
Even though the economy is getting worse, the unexpected rise in job openings shows that people will always need to work. The persistent imbalance between the number of people looking for work and the number of people who have jobs is still driving strong wage growth. This is adding to widespread price pressures and making people more likely to expect a big rate hike on Wednesday.
The number of open jobs rose the most in health care, transportation, warehousing, and utilities, and lodging and food services.
In September, there were more job openings than unemployed people. There are now about 1.9 jobs for every person who is unemployed, up from 1.7 in August.
Even though the economy is getting worse, the unexpected rise in job openings shows that people will always need to work. The persistent imbalance between the number of people looking for work and the number of people who have jobs is still driving strong wage growth. This is adding to widespread price pressures and making people more likely to expect a big rate hike on Wednesday.
The number of open jobs rose the most in health care, transportation, warehousing, and utilities, and lodging and food services.
In September, there were more job openings than unemployed people. There are now about 1.9 jobs for every person who is unemployed, up from 1.7 in August.
