The number of job vacancies in the United States rose again in September, reaching a total of 10.7 million vacancies, the United States Bureau of Statistics (BLS) announced in a press release on Tuesday. . Job openings increased by 437,000 during the month, partially erasing the drop seen in August, according to data published in the Job Openings and Labor Market Turnover (JOLTS) report.
The total number of job vacancies is well above analyst expectations, who instead expected a drop of around 500,000 jobs from the previous month, according to MarketWatch consensus. In detail, the increase is mainly driven by the logistics, health and social assistance sectors, as well as hotels and restaurants.
Decrease in hiring and breaches of contract
The Fed’s Monetary Policy Committee (FOMC) meets on Tuesday and Wednesday and is expected to announce a further hike in its key rates, by 0.75 percentage point based on market participants’ expectations.
Although the number of job vacancies increased, hiring, on the other hand, fell to 6.1 million (from 6.3 million in August), mainly due to a drop in both the manufacturing and education sectors, according to data published by the BLS. The breaches of contract, whether due to dismissal, resignation or termination, also decreased, to 5.7 million (370,000 in one month), mainly due to a slight decrease in resignations (-120,000 per compared to August), which they reach 4.1 million in September.
Official US employment figures for October will be released on Friday. The unemployment rate is expected to hold steady at 3.5%, its pre-pandemic level, and the lowest in more than 50 years. MarketWatch analyst consensus, on the other hand, expects much less job creation than in September, at 205,000 vs. 263,000 in September.
Source: BFM TV
