US job openings hit 10.7 mn despite Fed Reserve's attempt to cool economy
US job openings rose unexpectedly in September, suggesting that the American labour market is not cooling as fast as the inflation fighters at the Federal Reserve hoped.
Employers posted 10.7 million job vacancies in September, up from 10.3 million in August, the Labour Department said on Tuesday. Economists had expected the number of job openings to drop below 10 million for the first time since June 2021.
For the past two years, as the economy rebounded from 2020's COVID-19 recession, employers have complained they can't find enough workers. With so many jobs available, workers can afford to resign and seek employment that pays more or offers better perks or flexibility.
So companies have been forced to raise wages to attract and keep staff. Higher pay has contributed to inflation that has hit 40-year highs in 2022.
In another sign the labor market remains tight and employers unwilling to let workers go, layoffs dropped in September to 1.3 million, fewest since April. But the num