The employment situation continued its uneven recovery in September, as the level of open opportunities fell.
According to the Department of Labor, 3.56 million jobs were available during the month, which was 100,000 fewer than in August. Additionally, this was significantly fewer than the 3.74 million in March, which was the highest level recorded this year. The level of hiring was 3.1 percent in September, but the separations rate fell to 3 percent.
"We're looking at a very subdued pace of employment," Michelle Girard, senior U.S. economist at RBS Securities. "The economy is growing, but growing too slowly. Firms want more clarity on the outlook before they’re actually going to step up their hiring pace."
While the employment situation improves slowly, it may help strengthen the housing market. Property data from the Department of Housing and Urban Development showed the level of new residential construction improved in September. Real estate records revealed that housing starts reached a rate of 872,000 during that month, which was 15 percent higher than the previously recorded figure in August.