U.S. job openings unexpectedly surged in August, the first increase in three months, driven by increases in government, construction, shipping and warehousing jobs.
The number of U.S. job vacancies reached 8 million as of the last business day of August, surpassing the 3-1/2-year low of 7.7 jobs set in July, the Labor Department said in its monthly report Tuesday. did. Recruitment and Turnover Survey (JOLTS).
The 329,000 increase in job openings was unexpected. Economists expect job openings to be about the same as last month's level, consistent with the Fed's view that labor demand is softening.
Government-related jobs accounted for 103,000 of the increase. Federal government job openings fell by 3,000 jobs, but that was more than offset by an increase in state and local employment of 106,000 jobs. Education-related jobs accounted for 29,000 of the increase, bringing the total number of jobs to 275,000, while other state and local public sector jobs increased by 78,000 to 570,000.
The number of job openings in the construction industry increased by 138,000 to 370,000. This may be due in part to a surge in the construction of manufacturing plants through subsidies from the Biden-Harris administration.
Job openings in the transportation, warehousing and utilities sector increased by 77,000 to 367,000. The number of job openings in the retail trade decreased by 1,000 to 562,000, while the number of job openings in the wholesale trade increased by 16,000 to 200,000.
The number of job openings in the food and accommodation industry increased by 88,000 to 903,000. The number of art and entertainment store openings decreased.
Job openings in manufacturing fell by 11,000 to 329,000, offset by an increase of 12,000 to 177,000 in nondurable goods manufacturing. Mining-related jobs, including oil and gas extraction, rose by 2,000 to 25,000 jobs.
While the number of jobs in professional and business services increased, the financial sector saw a significant decline.
