Moderate US Job Openings, Weak Hiring Underscore Softening Labor Market
U.S. job openings increased marginally in August while hiring declined, consistent with lackluster labor market conditions that could allow the Federal Reserve to cut interest rates again next month despite resilient consumer spending.
Households are also growing pessimistic about the labor market. A survey from the Conference Board on Tuesday showed the share of consumers viewing jobs a "plentiful" fell this month to the lowest level since early 2021. There were 0.98 job openings for every unemployed person in August compared to 1.0 in July...
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