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.
An $11 billion Bitcoin whale returned to crypto markets this week, likely seeking trading opportunities tied to October’s historic crypto rallies and uncertainty in the US.
Hiboy launches new TITAN and TITAN Pro e-scooters with an up to 80-mile range, now starting from $1,001 (Up to $699 off)
As part of Hiboy’s ongoing Better Than Prime Day Sale, the brand has launched two new e-scooters that bring some serious power to commutes and joyrides, complete with bonus savings. You can now hop on Hiboy’s TITAN Electric Scooter at $1,001 shipped, after using the code HST9 at checkout for an additional 9% off, while Hiboy’s TITAN Pro Electric Scooter is down at $1,350 shipped, after using the code HSTP10 at check out for an additional 10% off. These two new models will carry full $1,700 and $2,000 price tags once the initial launch savings end, making this deal all the more enticing. While things last, you’re looking at $699 and $650 markdowns that save you some serious cash on some seriously powerful rides, while also setting the bar for future discounts down the road. You’ll find both these deals coming several hundred dollars under the TITAN and TITAN Pro Amazon pricing.
With these two new releases, Hiboy is showing folks just how fast and wild their e-scooters can get, with many often falling into the more budget-friendly realm. Things start with Hiboy’s TITAN electric scooter that arrives in futuristic industrial style, equipped with a 750W (1,000W peaking) motor and 48V 18Ah battery that provides up to 46 miles of travel at up to 25 MPH top speeds. Among its many features, you’ll find a dual suspension system, dual hydraulic brakes, 10-inch gel-filled tubeless tires, a wider-than-normal deck, zero-start capabilities and a half-twist throttle, a loud horn, dual headlights, a brake-activated taillight, ambient side lighting, a 3.5-inch LED color display, and more.
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On the other end of the series is the TITAN Pro e-scooter that brings more power and speed along for the ride. This supped-up model has been given dual 750W motors (each peaking at 1,000W) and a 48V 36Ah battery that not only ramps its possible top speeds up to 31 MPH, but also extends travel times up to 80 miles on a single charge. It brings along much of the same features as its base TITAN counterpart, with the main difference being the additional multi-function control buttons that allow you to switch between single and dual motor usage.
Anker’s extended Prime Day savings offer latest SOLIX F3000 station and bundles at new lows starting from $1,399
As part of Anker’s extended SOLIX Prime Day Sale, which is continuing through the rest of the week, you can still score the brand’s latest F3000 Portable Power Station (and bundles) at their best prices starting from $1,399 shipped for the station with a FREE protective cover (valued at $99), beating out Amazon’s post-Prime pricing by $100. It carries a $2,599 MSRP since releasing back in June, which we saw drop down to this rate for the first time on Tuesday, when Prime Day officially began. It’s now continuing through the rest of the week, giving you more time to jump on the $1,200 price cut and score it at the best price we have tracked. Head below for the full lineup of ongoing bundle deals too.
Mammotion’s YUKA Mini 500H and 700H robotic lawn mowers get $350 price cuts starting from a $649 low
By way of its official Amazon storefront, Mammotion is offering continued Prime Day savings on its YUKA Mini 500H Robotic Lawn Mower at $649 shipped, as well as its YUKA Mini 700H Robotic Lawn Mower at $849 shipped. These two models usually fetch $999 and $1,199 at full price, with this being the second-ever price cut to the YUKA Mini 500H’s all-time low with $350 cut from its tag, while the YUKA Mini 700H is getting the same sized price cut to its second-lowest rate – landing $100 above the one-time low that lasted only three days in September.
EcoFlow 48-hour flash sale drops 800W alternator charger to new $289 low, more from $104
As part of its extended Prime Day Sale, EcoFlow is offering a 48-hour flash sale on a power station, a generator, an alternator charger, and a DELTA Pro Ultra expansion battery bundle. The backup power solution amongst the bunch is the TRAIL 200 DC station, which you can score starting from $104 by checking out yesterday’s coverage. From there, it’s a matter of what kind of support or expansion you want to jump on, with the brand’s 800W Alternator Charger sitting at a lower-than-ever $289 shipped, for example, which also matches at Amazon right now. While it carries a $599 MSRP, we more often see it priced between $348 and $499, with some sales taking things lower. It was priced at $305 for the initial Prime Day savings, but is now falling even further to mark a new all-time low price and give you $210 off the going rate. Head below for the full lineup of flash deals.
Goal Zero’s 500 Lumen Torch Light that doubles as a solar-charging 5,200mAh power bank hits $38
Amazon is offering the Goal Zero 500 Lumen Torch Light at $37.89 shipped. Usually fetching $50 outside of discounts, this device dropped to $40 back April, with discounts since returning the costs to this same rate over the rest of the year – including for both July and this month’s Prime Day events. The savings seem to be sticking around after the event ended last night, giving you extra time to pick it up with $12 shaved from the tag at the best price of the year.
The savings this week are also continuing to a collection of other markdowns. To the same tune as the offers above, these all help you take a more energy-conscious approach to your routine. Winter means you can lock in even better off-season price cuts on electric tools for the lawn while saving on EVs and tons of other gear.
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Govini, a defense tech software startup taking on the likes of Palantir, has blown past $100 million in annual recurring revenue, the company announced Friday.
“We’re growing faster than 100% in a three-year CAGR, and I expect that next year we’ll continue to do the same,” CEO Tara Murphy Dougherty told CNBC’s Morgan Brennan in an interview. With how “big this market is, we can keep growing for a long, long time, and that’s really exciting.”
CAGR stands for compound annual growth rate, a measurement of the rate of return.
The Arlington, Virginia-based company also announced a $150 million growth investment from Bain Capital. It plans to use the money to expand its team and product offering to satisfy growing security demands.
In recent years, venture capitalists have poured more money into defense tech startups like Govini to satisfy heightened national security concerns and modernize the military as global conflict ensues.
The group, which includes unicorns like Palmer Luckey’s Anduril, Shield AI and artificial intelligence beneficiary Palantir, is taking on legacy giants such as Boeing, Lockheed Martin and Northrop Grumman, that have long leaned on contracts from the Pentagon.
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Dougherty, who previously worked at Palantir, said she hopes the company can seize a “vertical slice” of the defense technology space.
The 14-year-old Govini has already secured a string of big wins in recent years, including an over $900-million U.S. government contract and deals with the Department of War.
Govini is known for its flagship AI software Ark, which it says can help modernize the military’s defense tech supply chain by better managing product lifecycles as military needs grow more sophisticated.
“If the United States can get this acquisition system right, it can actually be a decisive advantage for us,” Dougherty said.
Looking ahead, Dougherty told CNBC that she anticipates some setbacks from the government shutdown.
Navy customers could be particularly hard hit, and that could put the U.S. at a major disadvantage.
While the U.S. is maintaining its AI dominance, China is outpacing its shipbuilding capacity and that needs to be taken “very seriously,” she added.