Connect with us

Published

on

US job openings unexpectedly rebounded in August as the labor market remains surprisingly resilient in the face of the Federal Reserve’s aggressive interest-rate hike campaign.

The Labor Department said Tuesday there were 9.6 million job openings in August, a marked increase from the revised 8.92 million openings reported the previous month.

Economists surveyed by Refinitiv expected a reading of 8.8 million. It marked the first time in three months that job listings trended higher.

The Federal Reserve closely watches these figures as it tries to gauge labor market tightness and wrestle inflation under control.

The higher-than-expected figure indicates that demand for employees still outpaces the supply of available workers.

The central bank has responded to the inflation crisis and the extremely tight labor market by raising interest rates at the fastest pace in decades.

Officials have so far approved 11 rate hikes, lifting the federal benchmark funds rate to the highest level since 2001. Policymakers have signaled that an additional rate hike is on the table this year if economic data points to a resurgence in price pressures.

The latest jobs data could give policymakers more space to hike rates higher and hold them at elevated levels for longer.

“Any wonder why the Fed expects to raise interest rates again?” said Greg McBride, chief financial analyst at Bankrate. “With 1.5 job openings for every unemployed worker, there is little evidence of substantial easing in labor market demand, a risk to getting inflation lower.”

The uptick in vacancies last month largely stemmed from professional and business services, finance and other services and nondurable goods manufacturing, according to the report.

Job openings remain historically high. Before the COVID-19 pandemic began in early 2020, the highest on record was 7.6 million.

There are roughly 1.5 jobs per unemployed American.

“One of the top items the Fed wants to see is labor supply match labor demand, and the economy is not quite there yet,” said Jeffrey Roach, chief economist at LPL Financial.

The number of Americans quitting their jobs, meanwhile, ticked higher to 3.6 million, or roughly 2.3% of the workforce, indicating that workers remain confident they can leave their jobs and find employment elsewhere.

Switching jobs has been a windfall for many workers over the past year: Job-switchers saw their real hourly wage increase 6.4% in July, compared with a 5.4% pay increase for workers who stayed in the same job, according to recent Atlanta Fed data.

Continue Reading

Sports

Phillies’ Nola hit hard in return from injured list

Published

on

By

Phillies' Nola hit hard in return from injured list

WASHINGTON — Philadelphia Phillies pitcher Aaron Nola‘s first start after returning from the injured list didn’t last long.

The right-hander allowed six runs in 2⅓ innings Sunday against the Washington Nationals, a start that ended when seven consecutive batters reached safely.

Nola struck out four in his first major league outing since May 14.

The former All-Star was one of the majors’ most durable pitchers entering the season, making at least 32 starts and throwing at least 180⅔ innings in each of the last six full seasons. But a sprained right ankle and fractured rib cost him three months this season.

His return became even more significant Saturday when Philadelphia placed ace Zack Wheeler on the injured list with a blood clot in his right arm. Nola already was scheduled to start after making three minor league rehabilitation appearances, though the Phillies scrapped their plans to use a six-man rotation.

Nola gave up Luis Garcia Jr.’s leadoff single in the first inning, then appeared to settle in. He retired the next seven batters as Philadelphia built a 6-0 lead.

The Nationals stitched together three consecutive singles in the third, the last by CJ Abrams to score a run. That led to a mound visit from pitching coach Caleb Cotham, but Nola then walked Paul DeJong before giving up Daylen Lile‘s two-run single and Dylan Crews‘ two-run double. Jose Tena followed with a tying double to end Nola’s day.

Nola allowed seven hits while throwing 53 pitches. His ERA rose to 6.92.

In addition to Nola taking Wheeler’s roster spot, the Phillies activated third baseman Alec Bohm from the injured list and optioned infielder Otto Kemp to Triple-A Lehigh Valley. To make room on the 40-man roster for Nola, Philadelphia released outfielder Cal Stevenson.

Continue Reading

Sports

Red Sox’s Mayer set for season-ending surgery

Published

on

By

Red Sox's Mayer set for season-ending surgery

BOSTON — Red Sox infielder Marcelo Mayer says he will have season-ending surgery on his right wrist.

The 22-year-old Mayer injured the wrist in late July. He got an injection to try to come back but decided to have surgery. He said he has a tear that hadn’t improved with the anti-inflammatory injection.

“I knew definitely that it was going to be on the table,” he said Sunday, sitting in the Red Sox dugout at Fenway Park before they faced the Miami Marlins in the series finale.

“As an athlete and somebody that loves this game so much, all I want to do is play and be out there every single day, especially when you’re in the big leagues and the playoffs are so important,” he said. “The way that my wrist is right now, there’s just no way to come back and play. It made the decision pretty easy to have the surgery.”

Drafted fourth overall in 2021, Mayer was called up in late May. A natural shortstop, he played mostly third base, batting .228 with four homers and 10 RBIs in 44 games.

“The shot wasn’t working. It’s a three-month recovery. He should be fine if everything goes well for spring training,” Red Sox manager Alex Cora said. “He’s a big part of the future of this organization. Just get him right, get him ready and see what happens in the future.”

Cora said he knew things weren’t going well after Mayer played catch on Thursday’s day off.

“He didn’t sound too positive about it. ‘My swing is not right,'” Cora said Mayer told him.

Mayer said he “gave it my all” but knew that surgery was the best option.

“Obviously with options given, I could have had surgery when I first injured it or get the shot,” he said. “I tried everything I could with the slight chance to come back and play.”

He also missed the final two months in the minors last season with a shoulder injury and didn’t play after July 31.

Continue Reading

Sports

Reds DFA fan favorite Fraley, activate Stephenson

Published

on

By

Reds DFA fan favorite Fraley, activate Stephenson

CINCINNATI — Cincinnati Reds outfielder Jake Fraley was designated for assignment on Sunday, with catcher Tyler Stephenson‘s thumb injury and a short bench contributing to the decision.

The Reds also recalled right-hander Connor Phillips and outfielder Will Benson from Triple-A Louisville and optioned left-hander Joe La Sorsa to Triple-A.

“We came to the idea of kind of giving Jake a chance to play where maybe he thinks he deserves to play, which I understand, is maybe better than him sitting the bench here,” Reds manager Terry Francona said. “Stephenson is banged up. We were a little concerned about playing short, maybe a two-man bench.”

Fraley, 30, is in his fifth major-league season, his fourth with Cincinnati. He is batting .232 with six home runs and 23 RBI in 67 games.

He hyperextended his knee after making an error in left field to allow a run to score in the 10th inning of a 6-5, 11-inning loss to the first-place Brewers on Saturday. Francona said neither the miscue nor the injury factored into the DFA move.

Stephenson reaggravated an injury to his left thumb during the Pittsburgh series and is day to day. Jose Trevino, who was behind the plate Saturday night, got the start for Sunday’s day game.

Francona said the decision on Fraley, a popular player among fans and in the clubhouse, wasn’t easy.

“Not that I needed an excuse to lose sleep last night, but you do, because you’re thinking about it,” Francona said. “You’re making decisions that alter their life. The day when I stop thinking about it, I will re-retire.”

Cincinnati, the only team this season that hasn’t been swept in a series, has dropped the first two games of the three-game set against the Brewers, who have won 14 straight games.

Continue Reading

Trending