Job openings rose more than expected in September

By Alicia Wallace, CNN Business

The number of available jobs in the United States increased in September, surprising economists who had expected the total to fall amid the Federal Reserve’s aggressive action to cool the economy.

Job openings totaled 10.7 million, up from a revised 10.3 million in August, according to Bureau of Labor Statistics data released Tuesday.

Economists had projected job openings would drop to 10 million in September, according to estimates on Refinitiv.

But just because job openings increased in September doesn’t mean there hasn’t been a recent slowdown.

In the Triangle, for example, the WRAL TechWire Jobs Report measured an increase in job openings in September, as well, but in recent weeks, the number of openings appears to have fallen, including a decrease of more than 8% compared to a month ago.

Further, some of the Triangle's most recognizable companies, including SAS and IQVIA, have slowed the pace of hiring compared to a month ago, the WRAL TechWire Jobs Report found.

Triangle job market slowing despite tens of thousands of openings

What's happening

Accommodation and food services saw the largest number of new jobs, along with health care and social assistance; and transportation, warehousing and utilities, according to the Job Openings and Labor Turnover Survey, or JOLTS.

There were roughly 1.9 open positions for every person looking for work in September — up from 1.7 in August. That ratio has gained importance as the Fed tries to bring down stubbornly high inflation. When jobs are plentiful and workers scarce, employees have leverage to ask for a higher wage — which puts upward pressure on inflation.

However, despite the strong headline number, the JOLTS report also showed signs of cooling in the labor market: Hires dropped to just under 6.1 million, their lowest level since February 2021; and quits fell to below 4.1 million, the second-lowest level seen all year. Layoffs decreased to 1.3 million from a revised 1.5 million.

Still, layoffs are sweeping parts of the economy, in particular with technology companies, mortgage lenders, startups, and real estate technology firms, the latest WRAL TechWire Layoff Watch noted.

The JOLTS report says that job openings rose to 10.7 million, but other measures in the report suggest the labor market is cooling. Hires fell from 6.3 million to 6.1 million, and quits from 4.2 million to 4.1 million. https://t.co/xYTOVVm7hl

— Julia Pollak (@juliaonjobs) November 1, 2022

“The number of jobs advertised across thousands of US websites is steadily falling, and the gap between labor supply and demand is narrowing,” Julia Pollak, chief economist at ZipRecruiter, noted in a tweet Tuesday morning. “Job seekers and employers both feel it.”