The number of job openings was little changed in September, according to a Labor Department announcement on Wednesday.
In September, there were 9.6 million job openings, slightly up from August's estimated total of 9.5 million, based on seasonally adjusted figures from the Job Survey and Job Turnover (JOLTS) Report. This figure is higher than economists' expectations of 9.3 million job offers. The unemployment rate was stable at 2.3 percent, for the third month in a row.
The Federal Reserve is closely monitoring the supply of labor to understand whether the economy is overheating. Since March 2022, the Federal Reserve has sought to fight inflation by raising interest rates to the highest level since 2001.
The Federal Reserve remains committed to achieving its annual inflation target of 2 percent without causing a significant increase in unemployment.
Reserve officials are expected to keep the interest rate target range between 5.25 to 5.5 percent when they meet on Thursday. The overall trend of declining supply for labor is a sign that rate hikes have slowed the economy, according to experts.
On the other hand, in October, US production shrank sharply after showing signs of recovery in previous months as new orders and employment declined, possibly reflecting a strike by the United Automobile Workers (UAW) union against the big three automakers. in Detroit.
The Institute for Supply Management (ISM) announced on Wednesday that their manufacturing PMI had slipped to 46.7 last month from 49.0 in September, which was the highest reading since November 2022. This was the 12th consecutive month the PMI was below 50, which shows a decrease in production in the production sector. This is the longest streak since the Great Recession of 2007-2009.
