US job openings increase sharply in September
SPY•US job openings rose by 333,000 to 7.523 million in September, while layoffs fell by 127,000 to 1.641 million. The openings rate increased to 4.5% from 4.3% in August.
1. Openings and hiring rise
Job openings increased by 333,000 to 7.523 million on the last day of September, and the openings rate rose to 4.5% from 4.3% in August. Economists had forecast 7.100 million openings. Hiring increased by 131,000 to 5.402 million, lifting the hires rate to 3.4% from 3.3%.
2. Layoffs decline
Layoffs and discharges fell by 127,000 to 1.641 million, and the rate decreased to 1.0% from 1.1%. Economists described the labor market as remaining in a “low-hire, low-fire” state, while saying the US-Israeli war with Iran was making employers hesitant to boost hiring. Payrolls increased by 29,000 in September; economists forecast a 65,000 gain in October and an unchanged unemployment rate of 4.2%.
