Job Openings Rise as Fed Meets to Determine Next Interest Rate Hike

U.S. job openings rose to 10.7 million by the end of September, the Bureau of Labor Statistics reported Tuesday. In that month, new hires edged down to 6.1 million, quits held steady at 4.1 million, and layoffs and discharges decreased to 1.3 million. 

For Context: Recent polling suggests voters see inflation and the economy as top issues in the 2022 midterm elections. The new jobs numbers prompted commentary on how long the Federal Reserve would continue its efforts to slow the economy to fight inflation. The Fed, which previously cited a strong labor market as evidence of a strong economy, is meeting Tuesday and Wednesday to plan an anticipated interest rate hike.

Other Key Numbers: While the U.S. has so far enjoyed a strong labor market in 2022, worker productivity saw its largest decline since 1948. Inflation remained high at 0.4% in September despite the Fed’s efforts, even as major corporations like PepsiCo, ExxonMobil, and BP brought in higher profits.

How the Media Covered It: Coverage was widespread and mostly balanced across the spectrum, with most emphasis coming from business-focused outlets.