JOLTS September 2022
The Go! Go! A curry restaurant has a “We Are Hiring” window sign in Cambridge, Massachusetts on July 8, 2022.
Brian Snyder | Reuters
Job openings rose in September despite the Federal Reserve’s efforts to ease a historically tight labor market that has helped fuel the highest inflation in four decades.
The number of job openings for the month totaled 10.72 million, well above the FactSet estimate of 9.85 million, according to data from the Bureau of Labor Statistics on Tuesday Job creation and turnover survey.
The total eclipsed August’s upwardly revised level by nearly half a million.
Fed policymakers are watching the JOLTS report closely for clues about the labor market. The latest data is unlikely to influence central bank officials to approve what is likely to be a fourth consecutive interest rate hike of 0.75 percentage points this week.
September data show that 1.9 jobs were created for every worker. The disparity in supply and demand has helped fuel wage gains as the employment cost index, another closely watched data for the Fed, is rising at a rate of about 5% a year.
In other economic news on Tuesday, the ISM Manufacturing Index came in at 50.2, representing the percentage of companies that reported expansion for October. That’s slightly better than the Dow Jones estimate of 50.0, but down 0.9 percentage points from September.
One piece of good news from the ISM data: The price index fell another 5.1 points to 46.6, indicating easing inflationary pressures. Order backlogs also fell, falling 5.6 points to 45.3, while supplier shipments fell 5.6 points to 46.8 and employment rose to 50.