WASHINGTON, Oct 1 (Reuters) – U.S. job openings unexpectedly increased in August after two straight monthly decreases, but hiring was soft and consistent with a slowing labor market that keeps the Federal Reserve on track to cut interest rates again in November.
The Labor Department’s Job Openings and Labor Turnover Survey, or JOLTS report, on Tuesday also showed layoffs declining. There were 1.13 job openings for every unemployed person in August compared to 1.08 in July.
Resignations were the lowest in four years, a sign that Americans are growing less confident in the jobs market.
Though Fed Chair Jerome Powell on Monday pushed against investors’ expectations for another half-percentage-point rate reduction, he described labor market conditions as having clearly cooled over the past year, noting that “workers now view jobs as somewhat less available than they were in 2019.” …
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