U.S. employers posted 9.6 million job openings in September, up from the 9.5 million openings posted in August.
Layoffs fell, and the number of Americans quitting their jobs — a sign of confidence they can find better pay elsewhere — was virtually unchanged, the Associated Press reported.
The September openings remain high in a historical context, though they are down from a record 12 million in March 2022. Before 2021 — when the economy showed a post-pandemic surge — monthly job openings had never topped 8 million. Unemployment was 3.8% in September, nearly a half-century low.
The Fed has raised its benchmark interest rate 11 times since March 2022 in an effort to contain inflation that hit a four-decade high in 2022. In September, consumer prices were up 3.7% from a year earlier, down from a peak 9.1% in June last year but still above the Fed’s 2% target, according to the AP report.
The Fed announced Wednesday it’s leaving its benchmark rate unchanged for the second straight meeting as it waits to assess the fallout from its earlier rate hikes.
