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.
The Fiat Topolino Vilebrequin is a new beach town cruiser that captures the elegance, glamour, and relaxed vibe of the French Riviera. More significantly, the updated EV also heralds Stellantis’ plans to double EV production at its Kenitra Assembly Plant in Morocco.
Closer to a Mercury Villager Nautica or Ford F-150 Harley-Davidson than a new model on its own, the new Topolino Vilebrequin features colors and fabrics inspired by the French surfwear brand, and is based on the Dolcevita version of Stellantis’ electric microcar. With its open sides, a soft rollback roof, and turtle-tastic fabric prints, it’s ready to whisk you off on a carefree summer adventure in France or Italy – which are, coincidentally, the only two markets the “collector’s edition” Vilebrequin Topolino is currently available in.
“This encounter between the Fiat Topolino and our iconic sea turtle gave rise to a high-quality, lower-impact, and perfectly whimsical design,” says Roland Herlory, CEO of Vilebrequin. “(It is) the definitive summer toy, and the perfect witness to sun-soaked memories still to come.”
Like the standard Topolino, the new Vilebrequin model remains electronically limited to a top speed of 45 kph (just under 30 mph), and is equipped with a 5.5 kWh battery pack that ensures up to 75 km (about 45 miles) of electric range. Prices start at €13,490 ($15,810), and if you don’t want one you’re dead inside.
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Fiat Topolino Vilebrequin
The Vilebrequin Topolino is just the latest version of Stellantis’ electric microcar platform that underpins the Citroën Ami, Opel Rocks-e, and Fiat Topolino. Annual production of the little EVs has grown from 20,000 units and is reportedly on track for 70,000 in 2025.
Now, Mopar Insiders is reporting that number is about to get even bigger. Stellantis’ Chief Operating Officer (COO) for the Middle East & Africa (MEA) region, Samir Cherfan, announced plans to more than double the production capacity at the company’s Kenitra Assembly Plant in Morocco, from some 230,000 vehicles per year to more than 530,000.
The factory was opened in 2019, and the planned €1.2 billion ($1.4B) expansion is expected to add around 3,100 new jobs to the factory’s employee roster.
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The prolific high street investor which owns Lakeland and has backed chains including HMV and Superdry is sizing up a takeover of the UK operations of Claire’s, the struggling jewellery chain.
Sky News understands that Hilco Capital, which was also one of the recent bidders for Poundland, is among the parties expected to submit offers for Claire’s in the coming weeks, according to banking sources.
Other parties expected to examine offers for Claire’s British chain, which trades from about 280 stores, would include Alteri Investors and Modella Capital, which recently bought WH Smith’s high street chain.
The Telegraph reported earlier this month that Claire’s had hired Interpath Advisory to find a buyer for the UK business as it explores options – including bankruptcy – for its US-based operations.
Prospective buyers of the business have been told that a sale of the British chain could lead to significant numbers of store closures.
One retail industry boss speculated that as many as a third of the UK shops could be axed in a deal to salvage the rest of the chain, potentially putting hundreds of jobs at risk.
Claire’s has been a fixture in British shopping centres and on high streets for decades.
Houlihan Lokey, the investment bank, is advising on the sale of the US arm.
Claire’s, which is reported to trade from 2,000 stores globally, is owned by former creditors Elliott Management and Monarch Alternative Capital following a previous financial restructuring.
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