US job openings rebound in August despite high-interest rates.
Americans burning through excess savings from the pandemic, SF Fed study says
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 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.
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.
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