- Michael Carey, chief economist for North America at Credit Agricole CIB
The total number of U.S. job openings edged lower for the second consecutive month in August, a troubling sing for nation's labour market, the Labor Department said on Wednesday. Job openings fell by 32,000 to 3.561 million, down from 3.593 million in the prior month. At the same time, employers hired 4.39 million people in August, posting the biggest increase since May.
"Firms just aren't all that enthusiastic about hiring," said Michael Carey, chief economist for North America at Credit Agricole CIB in New York. "They're very prudent at the moment. The uncertainty about global growth and growth in the U.S. is causing people to pull back and wait. I don't expect that to lift in the next month or two."
"We're looking for ongoing, sustained improvement in the labor market," said Fed Chairman Ben S. Bernanke on Sept. 13. "What we've seen in the last six months isn't it."
The Standard & Poor's 500 plunged 0.62 per cent to 1,432.56. The Dow Jones Industrial Average erased 0.95 per cent to 13,344.97. The Nasdaq Composite fell 0.43 per cent to 3,051.78.
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