U.S. job openings fell to their lowest level since January 2021, according to the Bureau of Labor Statistics Job Openings and Labor Turnover Survey (JOLTS) released on Wednesday. The number of available positions decreased to 7.67 million in July, down from a revised 7.91 million in June. This figure was lower than all estimates in a Bloomberg survey of economists.
The decline in job openings is consistent with other signs of slowing demand for workers. Despite the drop, there are still 1.1 job openings for every job seeker, according to Marketplace. However, economists are concerned about the future of the job market. Preston Mui, an economist at the advocacy think tank Employ America, warned, “If this trend continues, we’re going to start falling short of full employment.”
The report also showed that layoffs rose by 202,000 to a still-low 1.762 million. The number of people choosing to leave their jobs also increased slightly to about 3.3 million.
The decline in job openings could influence the Federal Reserve’s decision on interest rates. If the August national jobs report, due to be released on Friday, comes in weaker than expected, a Federal Reserve decision to lower interest rates this month is all but certain, according to experts.
Recent Comments