The number of job openings rose unexpectedly in September, despite Fed's aggressive actions

[IronLionZion]

https://www.cnn.com/2022/11/01/economy/jolts-jobs-wages-inflation-data/index.html

The number of available jobs in the United States increased in September, surprising economists who had expected the total to fall amid the Federal Reserve’s aggressive action to cool the economy.

Job openings totaled 10.7 million, up from a revised 10.3 million in August, according to Bureau of Labor Statistics data released Tuesday.

Economists had projected job openings would drop to 10 million in September, according to estimates on Refinitiv.

Accommodation and food services saw the largest number of new jobs, along with health care and social assistance; and transportation, warehousing and utilities, according to the Job Openings and Labor Turnover Survey, or JOLTS.

There were roughly 1.9 open positions for every person looking for work in September — up from 1.7 in August. That ratio has gained importance as the Fed tries to bring down stubbornly high inflation. When jobs are plentiful and workers scarce, employees have leverage to ask for a higher wage — which puts upward pressure on inflation.

Socialist Dems are killing so many jobs! oh wait... nobody wants to work anymore. Lazy bums

The Fed is definitely going to hike rates this week, because there are so many jobs. They feel the economy can take it.

[elias7]

1. That's because businesses are profiteering from inflation so don't feel the rate hikes yet

[IronLionZion]

2. Labor shortage

[Wounded Bear]

3. Hmmm, don't students leave jobs and go back to school in September?

[Bayard]

4. Can't they just wait a week to do any hiking?

We don't need that right now.

[IronLionZion]

5. Fed is meeting today and tomorrow

and are expected to announce a 75 basis point increase tomorrow afternoon