35 C
Dubai
Friday, April 4, 2025
spot_img

World News | U.S. job openings fall as interest rates rise and growth slows

[ad_1]

WASHINGTON, Oct. 4 (AP) The number of available U.S. jobs fell sharply in August compared with July, a sign that businesses may further cut hiring and could cool chronically high inflation.

There were 10.1 million job advertisements on the last day of August, the government said on Tuesday, down 10 percent from July’s 11.2 million job openings. Job openings reached a record level of nearly 11.9 million in March.

Also read | The EU will pass a law on universal chargers for mobile phones and tablets in 2024.

Layoffs increased in August but remained at historically low levels. Slightly more people quit.

The sharp drop in job openings will be welcomed by the Fed.

Also read | The four countries sent an implicit message to China, saying “historic disputes, emerging strategic issues”.

Fed officials see high job openings as a sign of strong labor demand, forcing employers to steadily raise wages to attract and retain workers.

Continued small wage increases should ease inflationary pressures.

In response to the worst inflation in 40 years, the central bank has sharply raised its key short-term interest rate to a range of 3% to 3.25% from near zero in March.

Federal Reserve Chairman Jerome Powell and other Fed officials hope their rate hikes — the fastest in about 40 years — will cause employers to halt their efforts to hire more people. In turn, fewer job vacancies can ease pressure on companies to raise wages to attract and retain workers.

Tuesday’s data comes in the same week as key reports on employment and the unemployment rate due on Friday. Economists forecast that would show employers added 250,000 jobs in September, with the unemployment rate holding at 3.7% for the second straight month. (Associated Press)

(This is an unedited and auto-generated story from the Syndicated News feed, the body of the content may not have been modified or edited by LatestLY staff)



[ad_2]

Source link

Related Articles

Gold Market Shifts: Prices Dip as Tariff Clarity Sparks Cautious Optimism and Economic Concerns

Gold prices experienced notable fluctuations as global investors responded to renewed clarity surrounding U.S. President Donald Trump’s tariff measures. The precious metal, often viewed as...

ADES Strengthens Global Presence: Saudi Drilling Giant Expands into Brazil with $85.1M Landmark Deal

ADES Holding Co., the Saudi-based drilling giant, has made a bold move into the Brazilian market with an $85.1 million charter agreement, signaling a...

Marco Rubio Strengthens Ties: U.S. Secretary of State to Tackle Immigration and Security in Caribbean Tour

Marco Rubio is set to embark on a diplomatic tour of the Caribbean, with scheduled visits to Jamaica, Guyana, and Suriname on March 26-27. The...

Alibaba Revives Hiring as Chairman Joe Tsai Warns of AI Bubble Risks in U.S. Market..

Alibaba Group has announced its decision to resume hiring, signaling renewed confidence in its growth trajectory following recent discussions with Chinese leadership. The announcement by...

Saudi Arabia Leads the Charge for Global Water Cooperation and Sustainability

Saudi Arabia is taking a proactive stance in advocating for global cooperation on water issues, highlighting the urgent need for sustainable water management practices...

Latest Articles