U.S. job openings rose unexpectedly in August to 8 million, driven by increased vacancies in construction and state and local government, signaling labor market resilience.
Layoffs fell in August, while the number of Americans quitting their jobs dropped to its lowest since August 2020, indicating weakened confidence in job prospects.
Despite a gradual loss of momentum in hiring, job openings remain higher than pre-pandemic levels, showcasing a resilient labor market in the face of economic challenges.
The Federal Reserve's response to inflation through interest rate hikes has not led to the anticipated recession, highlighting the surprising resilience of the U.S. economy.
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