Job openings hit record 7.136 million in August



Job openings hit a fresh record in August, indicating companies could face more inflationary pressures ahead with a tight labor market.
The vacancies level hit 7.14 million for the month, according to the Job Openings and Labor Turnover Survey, a report Federal Reserve officials watch closely for clues about where employment stands.
The total number of hires also reached a new record of 5.78 million.
Openings dwarfed the total level of workers looking for jobs, which stood at 6.23 million for that month and fell to 5.96 million in September, recent Labor Department statistics show. The JOLTS survey, as it is known, lags the government’s nonfarm payrolls count by a month.
Economists have been watching the survey closely as in indicator of when worker wages might start catching up with the acceleration in employment and the rapid decline in unemployment. The headline jobless rate for September was 3.7 percent, its lowest level in 49 years.
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