US job openings unexpectedly rebounded in August as the labor market proves resilient amidst the Federal Reserve’s aggressive interest-rate hike campaign.
According to the Labor Department, there were 9.6 million job openings in August, a significant increase from the revised 8.92 million reported the previous month.
Economists surveyed by Refinitiv had anticipated a reading of 8.8 million. This marks the first time in three months that job listings have trended higher.
The Federal Reserve closely monitors these figures to assess labor market tightness and manage inflation.
The higher-than-expected figure suggests that demand for employees still surpasses the available workforce.
In response to the inflation crisis and the tight labor market, the central bank has been raising interest rates at an unprecedented pace.
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