US Job Openings Surge to 8 Million in August Amid Slowing Hiring

Labor market shows mixed signals with increased job openings but declining hiring rates, prompting potential further rate cuts by the Federal Reserve.

Job openings in the US rose to 8.04 million in August, the highest level in three months, surpassing economist forecasts.
Despite the increase in job openings, the hiring rate fell to 3.3%, the lowest since April 2020, with only 5.3 million hires.
Layoffs decreased by 105,000 to 1.6 million, indicating some stability in the labor market.
The Federal Reserve cut interest rates by 50 basis points in September and may cut rates further in November and December due to labor market concerns.
The upcoming September employment report is expected to show a modest increase in nonfarm payrolls and an unchanged unemployment rate of 4.2%.