October 10, 2019
U.S. job openings advertised by employers dropped to 7.1 million in August, down from 7.2 million available jobs in July, according to the Labor Department’s monthly Job Openings and Labor Turnover Survey, or JOLTS. That’s the lowest level it has been since March 2018.
The job openings rate fell to 4.4% in August from 4.5% in July. The number of hires edged down to 5.8 million (-199,000) in August. The hires rate was 3.8%.
It was the third straight monthly drop in job postings, though observers believe there are sufficient openings to soften any fears the financial markets may have about a potential recession. This years’ job opening numbers have trended lower after reaching an all-time peak of 7.63 million in late 2018.
Economists believe the drop in openings and decline in hiring suggests employment growth was slowing mainly due to shifts in labor demand as economic momentum wanes.
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