Job openings in the US increased in September, contrary to market expectations. With unemployment remaining low, it is likely to lead to further wage increases. For the US Fed, pressure has increased to continue to take aggressive tightening measures to curb inflation.
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The unexpected increase in vacancies showed that demand for workers did not weaken even as headwinds to the economy picked up. The imbalance between labor supply and demand is persistent, which continues to support strong wage growth. With inflationary pressures rising across the board, there has been growing speculation that the Federal Open Market Committee (FOMC) would meet with another significant rate hike this week.
Nick Bunker, head of economic research at Indeed Hiring Lab, said it was the lowest in a year and two months in preliminary reports.August“The September figures are back to what we are used to. The demand for workers remains strong,” reads a report. “All the main indicators in this report point to a strong job market,” she said.
By sector, the number of jobs increased particularly in September in the accommodation and catering, healthcare, transport, warehouse and utilities sectors.
The number of job vacancies for each unemployed person was around 1.9, up from around 1.7 in the previous month. The Fed is keeping an eye on this number in its monetary policy decisions.
Bloomberg Economics economist Eliza Winger said: “Despite clear signs of slowing economic momentum, job openings did not decline in September as US financial institutions try to curb overheating in the labor market. , the situation has become complicated, “he said.
The number of people who left their jobs was approximately 4.1 million, a slight decrease from the previous month. The turnover rate, or the percentage of voluntary turnover among all employees, was 2.7%, unchanged from the previous month.
For more information on the US Department of Labor (JOLTS) Employment Trends Survey, see the statistical tables.
Original title:Surprise rise in US job openings, keeping pressure on the Fed(excerpt), U.S. job openings unexpectedly increased to 10.7 million in September (excerpt)
(I will update the key points with the increase from the previous month and add expert opinions in the 4th and 7th paragraphs.)
