JOLTS September 2022



going! he goes! Curry’s Restaurant has a sign in the window that reads “We’re Hiring” in Cambridge, Massachusetts, July 8, 2022.

Brian Snyder | Reuters

Jobs rose in September despite the Federal Reserve’s efforts to ease a historically tight labor market that helped fuel the highest inflation readings in four decades.

Jobs for the month totaled 10.72 million, well above the FactSet estimate of 9.85 million, according to data released Tuesday from the Bureau of Labor Statistics. Survey of job opportunities and labor turnover.

The total exceeded the upwardly revised level for August by nearly half a million.

Fed policymakers are watching the JOLTS report closely for clues about the labor market. The latest numbers are unlikely to persuade central bank officials not to agree to what is likely to be a 0.75 percentage point increase in interest rates for the fourth time in a row this week.

September data indicates that there are 1.9 jobs available for every available worker. The disparity in supply and demand has helped drive up wages as the labor cost index, another data point closely monitored by the Federal Reserve, is growing at an annual rate of about 5%.

In other economic news on Tuesday, the ISM Manufacturing Index came in at 50.2, which is the percentage of companies that reported expansion in October. That was slightly better than the Dow Jones estimate of 50.0 but 0.9 percentage point lower than in September.

One good piece of news from the ISM data: The price index fell another 5.1 points to a reading of 46.6, indicating lower inflation pressures. Order backlog also declined, dropping 5.6 points to 45.3 reading, while supplier delivery fell 5.6 points to 46.8 and employment rose to 50.

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