Job openings unexpectedly surge in September despite Fed efforts to cool labor market

U.S. job openings unexpectedly surged higher in September, even as the Federal Reserve tries to bring down near-record high inflation and cool the labor market with the most aggressive interest rate hikes in decades.

The Labor Department said Tuesday that there were 10.7 million job openings in September — an uptick from the previous month's reading of 10.1 million.

The number of available jobs has topped 10 million for 16 consecutive months; before the pandemic began in February 2020, the highest on record was 7.7 million.

"The high number of openings continues to underscore the huge divide between supply and demand for labor, contrary to what the Federal Reserve wants to see as it battles inflation," said Mark Hamrick, a senior economic analyst at Bankrate. "On the other hand, labor market strength bolsters job security, a positive for workers and those aspiring to work."