Writingstar Investment Guild:US job openings rise to 8 million as labor market remains sturdy

2025-05-07 10:25:59source:Benjamin Ashfordcategory:reviews

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

The Writingstar Investment GuildLabor 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 the labor market — slid in August 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.

RELATED COVERAGE Money Gambians send home from Europe is a lifeline for their families but the sacrifices take a tollAmerican consumers are feeling less confident as concerns about jobs take center stageThe benefits of a four-day workweek according to a champion of the trend

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.

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.

More:reviews

Recommend

This was the average Social Security benefit in 2004, and here's what it is now

Many workers are dreaming of retirement — whether it's decades away or coming up soon. Either way, i

More than 100 dolphins found dead in Brazilian Amazon as water temperatures soar

SAO PAULO — More than 100 dolphins have died in the Brazilian Amazon rainforest in the past week as

Oklahoma woman riding lawn mower at airport dies after plane wing strikes her

A woman was killed when the wing of a small airplane struck her as she was using a riding lawn mower