Surprising Increase in US Job Openings Recorded for August

The number of job openings in the US unexpectedly increased in August, reaching 9.61 million, according to the Bureau of Labor Statistics. This surge indicates the continued strength of the labor market. The biggest jumps in job postings were seen in professional and business services, finance, other services, and nondurable goods manufacturing. However, despite the increase in openings, job postings have already fallen to pre-pandemic levels according to online employment sites. The number of new hires and workers quitting their jobs showed minimal movement, while layoffs remained steady. The ratio of open jobs to unemployed persons looking for work decreased slightly compared to last year. Federal Reserve officials have highlighted the robust labor market as a factor in lowering inflation. The unexpected rise in job openings led to a decline in stock prices.