The August job vacancy data is the latest evidence that the economy accelerated in the second half of the year, defying expectations that interest rate hikes would be a drag on growth.
in the second half of the year, defying expectations that the interest rate hikes of the past 18 months would by now be a drag on growth.that employers increased the number of job openings by 690,000 from the last day of July through the last day of August, bringing the total number of vacancies up to 9.61 million.as the summer of 2023 came to a close.
We also got a significant revision to the July figure to 8.92 million. If you use the original estimate, the August increase was 780,000. The “beat” over expectations was 860,000. In short,white-collar jobsthe single biggest monthly increase in records going back to 2001If we zoom in to cover just the last three years, you can see the increase a bit more clearly. What stands out in this chart is that.
The chart below shows the level of openings over the past ten years. What you can see is that while openings in professional and business services shot higher in August, this was only a partial reversal of the trend downward that had been going on since the start of the year.
. Even though the Fed has raised rates a few more times since then, it has communicated that hikes are almost done with and that the Fed’s first move after this year is done will be a rate cut.
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