US job openings climbed to 7.523 million in September, up 333,000 from August, according to the Labor Department’s Job Openings and Labor Turnover Survey. August’s figure was revised up to 7.190 million from 7.079 million. Economists surveyed by Reuters had forecast 7.100 million openings for September.
The job openings rate rose to 4.5% from 4.3% in August. Hiring also increased, by 131,000 to 5.402 million, lifting the hires rate to 3.4% from 3.3%.
Layoffs and discharges fell by 127,000 to 1.641 million. Their rate declined to 1.0% from 1.1%, supporting economists’ view that the labor market remained on relatively firm footing despite subdued employment gains.
Economists have characterized the labor market as one of low hiring and low firing, with resilient domestic demand and strong profits helping keep layoffs near historic lows. They also said the ongoing US-Israeli war with Iran was making employers hesitant to increase hiring. The report has been affected by a low response rate, which has fallen considerably from before the COVID-19 pandemic.
US nonfarm payrolls grew by 29,000 in September. Economists surveyed by Reuters expect payrolls to have increased by 65,000 in October, with the unemployment rate unchanged at 4.2%.
Sources: Investing.com News.