U.S. job openings fell to 3 1/2 year low in September

WASHINGTON (AP) U.S. job openings fell last month to their lowest level since January 2021, a sign that the job market is losing some momentum. However, posted vacancies remain well above pre-pandemic levels.

The Labor Department reported Tuesday that the number of job openings fell to 7.4 million in September from 7.9 million in August. Economists expected the level of openings to remain virtually unchanged. Job openings have declined particularly at health care companies and government agencies at the federal, state and local levels.

The number of layoffs has also increased. And the number of Americans who left their jobs fell below 3.1 million, the lowest since August 2020.

Workers are no longer as confident as before in their ability to find a job if they quit without someone else to replace them, Carl Weinberg and Rubeela Farooqi of High Frequency Economics wrote in a commentary. Still, they added, there is no sign of a sudden collapse in the job market or an imminent recession. The job market is certainly more fragile, but it is not imploding.

Although job openings have declined sharply since peaking at 12.2 million in 2022, they remain higher than they were before the coronavirus pandemic crippled the U.S. economy in early 2020. When as the economy rebounded with unexpected strength from the COVID-19 recession, businesses scrambled to find enough workers to keep up with customer orders.

The overheating economy caused inflation to explode, and the Federal Reserve responded by raising its benchmark interest rate 11 times in 2022 and 2023. Inflation fell from a peak of 9.1%. in June 2022 at 2.4%.

The economy has been surprisingly resilient in the face of the Fed's rate hikes, avoiding a widely predicted recession. However, compared to a sharp rise in hiring between 2021 and 2023, job creation has slowed this year to an average of 200,000 new jobs per month from January to September this year. That's a healthy figure, although down from a record average of 604,000 jobs per month in 2021 as pandemic lockdowns end, 377,000 in 2022 and 251,000 last year.

Nevertheless, employers created, against all expectations, 254,000 jobs in September. On Friday, the Labor Department is expected to report that the economy added 120,000 jobs in October, a total that will likely be held back by the effects of Hurricanes Helene and Milton and a strike at Boeing. The unemployment rate is expected to remain at a low 4.1%, according to a survey of forecasters by data firm FactSet.

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