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6mo ago

US Job Openings Surge to 8 Million in August Amid Slowing Hiring

Labor market shows mixed signals with increased job openings but declining hiring rates, prompting potential further rate cuts by the Federal Reserve.

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Labor Markets
The health of the job market has become the top concern for the Federal Reserve, which cut its benchmark interest rate last month for the first time in four years.
A tractor trailer advertising job opportunities in the trucking industry drives south on Interstate 81 near Staunton, Virginia, U.S., January 22, 2022. Picture taken January 22, 2022. REUTERS/Evelyn Hockstein/File Photo

Overview

  • Job openings in the US rose to 8.04 million in August, the highest level in three months, surpassing economist forecasts.
  • Despite the increase in job openings, the hiring rate fell to 3.3%, the lowest since April 2020, with only 5.3 million hires.
  • Layoffs decreased by 105,000 to 1.6 million, indicating some stability in the labor market.
  • The Federal Reserve cut interest rates by 50 basis points in September and may cut rates further in November and December due to labor market concerns.
  • The upcoming September employment report is expected to show a modest increase in nonfarm payrolls and an unchanged unemployment rate of 4.2%.