The number of job openings in the U.S. edged higher by more than anticipated in August, according to Labor Department data on Tuesday which analysts have suggested could be one of the last indicators of the state of the American jobs market before a potential U.S. government shutdown this week.
Job openings, a proxy for worker demand, moved up to 7.227 million last month, compared to 7.208 million in July and economists’ forecasts of 7.190 million. Hiring, quits, layoffs and discharges were all little changed, the Bureau of Labor Statistics said, in a sign that fewer workers may be attempting to find new roles.
The data comes as a possible shuttering of the federal government looms, with Republican and Democratic lawmakers at odds over a short-term funding bill. Analysts have argued that a closure of the federal government could postpone the unveiling of the all-important nonfarm payrolls report on Friday, as well as upcoming readings of consumer price growth and retail sales.
Meanwhile, every week of a shutdown is estimated to reduce gross domestic output expansion by 0.1 of a percentage point, researchers at Barclays flagged, adding that such losses are usually recovered after the government is reopened.
Recent labor market data has been of particular interest to investors, as indications of a cooling employment picture factored heavily into the Federal Reserve’s decision earlier this month to cut interest rates for the first time since December.
Source :
https://www.investing.com/news/economic-indicators/us-job-openings-move-higher-in-august-while-hiring-remains-little-changed-4263861
