ads

US job openings rise to 8 million as labor market remains sturdy

Auto mechanic Willie Chung works on a vehicle at the Express Auto Service Inc., in Chicago, Thursday, Sept. 19, 2024. (AP Photo/Nam Y. Huh)

Mideast conflicts

Dockworkers strike

Menendez brothers

Garth Brooks

Eminem

Business

US job openings rise to 8 million as labor market remains sturdy

Image

Auto mechanic Willie Chung works on a vehicle at the Express Auto Service Inc., in Chicago, Thursday, Sept. 19, 2024. (AP Photo/Nam Y. Huh)

By PAUL WISEMAN

Updated 4:03 AM GMT+6, October 2, 2024

Share

WASHINGTON (AP) — U.S. job openings rose unexpectedly in August as the American labor market continued to show resilience.

The Labor Department reported Tuesday that employers posted 8 million vacancies in August, up from 7.7 million in July. Economists had expected openings to be virtually unchanged. Openings were up in construction and in state and local government.

Layoffs fell in August. But the number of Americans quitting their jobs — a sign of confidence in their job prospects — slid to the lowest level since August 2020 when the economy was reeling from COVID-19 lockdowns.

Job openings have come down steadily since peaking at 12.2 million in March 2022, but they remain above where they stood before the coronavirus pandemic hit the American economy in early 2020. When the economy roared back with unexpected strength from COVID-19 lockdowns, companies scrambled to find enough workers to keep up with customer orders.

The overheating economy caused an outburst of inflation, and the Federal Reserve responded by raising its benchmark interest rate 11 times in 2022 and 2023. Inflation has come down — from a peak of 9.1% in June 2022 to 2.5% in August.

AP SETS THE STANDARD FOR POLITICAL REPORTING.

DONATE

Menu

Image

Show Search

Mideast conflicts

Dockworkers strike

Menendez brothers

Garth Brooks

Eminem

Business

US job openings rise to 8 million as labor market remains sturdy

Image

Auto mechanic Willie Chung works on a vehicle at the Express Auto Service Inc., in Chicago, Thursday, Sept. 19, 2024. (AP Photo/Nam Y. Huh)

By PAUL WISEMAN

Updated 4:03 AM GMT+6, October 2, 2024

Share

WASHINGTON (AP) — U.S. job openings rose unexpectedly in August as the American labor market continued to show resilience.

The Labor Department reported Tuesday that employers posted 8 million vacancies in August, up from 7.7 million in July. Economists had expected openings to be virtually unchanged. Openings were up in construction and in state and local government.

ads

Layoffs fell in August. But the number of Americans quitting their jobs — a sign of confidence in their job prospects — slid to the lowest level since August 2020 when the economy was reeling from COVID-19 lockdowns.

Job openings have come down steadily since peaking at 12.2 million in March 2022, but they remain above where they stood before the coronavirus pandemic hit the American economy in early 2020. When the economy roared back with unexpected strength from COVID-19 lockdowns, companies scrambled to find enough workers to keep up with customer orders.

Advertisement

The overheating economy caused an outburst of inflation, and the Federal Reserve responded by raising its benchmark interest rate 11 times in 2022 and 2023. Inflation has come down — from a peak of 9.1% in June 2022 to 2.5% in August.

Related Stories

Jobs report is likely to show another month of modest but steady hiring gains

Jobs report is likely to show another month of modest but steady hiring gains

US economy grew at a solid 3% rate last quarter, government says in final estimate

US economy grew at a solid 3% rate last quarter, government says in final estimate

More Americans file for unemployment benefits last week, but layoffs remain historically low

More Americans file for unemployment benefits last week, but layoffs remain historically low

The economy proved surprisingly resilient in the face of the Fed hikes, averting a widely forecast recession. But the job market has gradually lost momentum. Hiring averaged just 116,000 net new jobs a month from June through August — the weakest three-month average since mid-2020.

ads

When the Labor Department releases its jobs report for September on Friday, it is expected to show that employers added 143,000 jobs last month and that the unemployment rate remained at a low 4.2%, according to a survey of forecasters by the data firm FactSet.

The Fed, satisfied with the progress against inflation and worried about the cooling job market, last month cut its benchmark rate by a hefty half percentage point, the central bank’s first and biggest rate cut since March 2020.

“Job openings had a big gain, and while these numbers are volatile, it’s likely employers see falling interest rates spurring the economy and may want to staff up,’' said Robert Frick, economist with the Navy Federal Credit Union