U.S. job openings rise slightly to 9.6 million, sign of continued strength in the job market
Employers posted 9.6 million job openings in September, up from 9.5 million in August and a sign that the U.S. job market remains strong in the face of higher interest rates
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Employers posted 9.6 million job openings in September, up from 9.5 million in August and a sign that the U.S. job market remains strong even as the U.S. Federal Reserve attempts to cool the economy.
Layoffs fell, and the number of Americans quitting their jobs — a sign of confidence they can find better pay elsewhere — was virtually unchanged.
The September openings are down from a record 12 million in March 2022 but remain high by historical standards. Before 2021 — when the American economy began to surge from the COVID-19 pandemic — monthly job openings had never topped 8 million. Unemployment was 3.8% in September, just a couple of ticks above a half century low.
The Federal Reserve's inflation fighters would like to see the job market cool. They worry that strong hiring pressures employers into raising wages — and trying to pass the higher costs along with price increases that feed inflation.
The Fed has raised its benchmark interest rate 11 times since March 2022 in an effort to contain inflation that hit a four-decade high in 2022. In September, consumer prices were up 3.7% from a year earlier, down from a peak 9.1% in June last year but still above the Fed's 2% target.
The combination of sturdy hiring, healthy economic growth and decelerating inflation has raised hopes the Fed can pull off a so-called soft landing — raising rates just enough contain price increases without tipping the economy into recession. The central bank is expected to announce later Wednesday that it will leave its benchmark rate unchanged for the second straight meeting as it waits to assess the fallout from its earlier rate hikes.
On Friday, the Labor Department releases its jobs report for October. Forecasters surveyed by the data firm FactSet expect that U.S. employers added a solid 189,000 jobs last month and that the unemployment rate stayed at 3.8%.
FactSet
Openings 9.5m
Payrolls F 189K
Unemployment F 3.8%
Subscribe to Independent Premium to bookmark this article
Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today.