August Sees Surge in US Job Openings, Exceeding Expectations

The number of job openings in the US increased in August, reaching the highest level since May, according to the latest Job Opening and Labor Turnover Survey (JOLTS) report. With 9.6 million job openings, the data raises questions about whether the job market is cooling fast enough to satisfy the Federal Reserve's concerns about inflation. The report also showed a decline in the quits rate, indicating less worker confidence, and a slight increase in hires. The news has led to fears of further monetary policy tightening, causing stocks to fall.