Job openings in the U.S. rose slightly in September to 9.6 million, defying predictions that demand for labor would cool after a blistering September hiring spree.
Employers were looking to fill 9.6 million open positions at the end of September, the Labor Department said Wednesday.
This represents an increase from the revised 9.5 million job openings at the end of August. The prior month was originally estimated at 9.6 million.
Economists had forecast openings would fall to 9.4 million.
The higher-than-expected and rising figure for job openings suggests the Federal Reserve’s attempt to cool off demand for labor is not having as much of an impact as central bankers had expected. Fed officials want to see openings fall to soften the labor market. The hope has been that the labor market could soften through lower openings without a major uptick in unemployment.
Job openings have come down since last year, when they hit a record 12 million but that progress now seems stalled. This is the second consecutive month of rising openings.
The data come from the Labor Department’s monthly Job Openings and Labor Turnover Survey, known as JOLTS.
COMMENTS
Please let us know if you're having issues with commenting.