Job openings unexpectedly rise for second straight month
foxbusiness.comFreedomWorks senior economist Steve Moore provides insight on the state of the economy on 'Making Money.'
U.S. job openings rose more than expected for the second month in a row as the labor market remains surprisingly resilient in the face of the Federal Reserve's aggressive interest-rate hike campaign.
The Labor Department said Wednesday there were 9.6 million job openings in October, an increase from the downwardly revised 9.5 million openings reported the previous month. Economists surveyed by Refinitiv expected a reading of 9.2 million.
The Federal Reserve closely watches these figures as it tries to gauge labor market tightness and wrestle inflation under control. The higher-than-expected figure indicates that demand for employees still outpaces the supply of available workers.
WORKERS NOW DEMANDING NEARLY $80K TO START NEW JOB
Elementary school educators gather to talk to prospective hires during a hiring event for Prince George's County school district hosted at Dr. Henry A. Wise Jr. High School in Upper Marlboro, Maryland, on Aug. 2, 2023. ((Amanda Andrade-Rhoades/For The Washington Post via Getty Images) / Getty Images)
The central bank has responded to the inflation crisis and the extremely tight labor market by raising interest rates at the fastest pace in decades. Officials have so far approved 11 rate hikes, lifting the federal benchmark funds rate to the highest level since 2001. Policymakers have signaled that an additional rate hike is on the table this year if economic data points to a resurgence in price pressures.
The latest jobs data could give policymakers more space to hike rates – and hold them at elevated levels for longer.
PRIVATE SECTOR JOB GROWTH INCREASES LESS THAN EXPECTED IN OCTOBER:
Read more on foxbusiness.com
