"Surprising Surge: August Job Openings Exceed Expectations, Reflecting Robust Labor Market"
Job openings in the US unexpectedly surged to 9.6 million in August, exceeding expectations and indicating a tight and robust labor market. However, hires only saw a modest increase, suggesting that the Federal Reserve's efforts to slow the economy may be having an impact. The ratio of job openings to available workers has decreased from 2 to 1 to 1.5 to 1, as more workers were classified as unemployed in August. The JOLTS report comes ahead of the nonfarm payrolls count for September, which is expected to show an increase of 170,000 jobs.