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US Job Openings Fall as Layoffs Remain Subdued
In August, US employers advertised fewer jobs than they did in July.
There were about 7.1 million open jobs.
Companies were also not firing many people, with layoffs near a very low level.
Hiring increased slightly, but it remained fairly slow.
Fewer workers quit their jobs, suggesting people may be cautious about changing jobs.
Together, the numbers show a labor market that is cooling but not collapsing.
The number of available jobs is now closer to the number of people looking for work.
The Federal Reserve is watching these figures while deciding how to manage interest rates and inflation.
US job openings fell by 256,000 to 7.079 million in August, the lowest level in five months.
The job openings rate declined to 4.3% from 4.4% in July.
Layoffs and discharges fell to 1.641 million, with the rate dropping to 1.0%.
Hiring rose slightly to 5.192 million, while the hiring rate increased to 3.3%.
There was about one job opening per unemployed worker, down from roughly two in 2022.
- Who
- US employers, workers, the Bureau of Labor Statistics, and the Federal Reserve.
- What
- Job openings declined in August while layoffs remained subdued and hiring increased slightly.
- Where
- The United States.
- When
- The figures cover August and were reported on Tuesday, September 29, according to one source.
- Why
- Employers appeared cautious about adding workers, while continuing to limit large-scale layoffs amid economic uncertainty.
Signs of Labor-Market Cooling
Signs of Labor-Market Stability
Job demand
Signs of Labor-Market Cooling
The decline to 7.079 million openings and the lower openings rate suggest employers are becoming more cautious about hiring.
Signs of Labor-Market Stability
The number of openings remains substantial, and the change was described as part of a broader stabilization in the labor market.
Employment turnover
Signs of Labor-Market Cooling
Subdued hiring and a quits rate tied for its lowest level since 2020 indicate limited worker movement and reduced hiring momentum.
Signs of Labor-Market Stability
Layoffs fell to 1.641 million and remained near historically low levels, suggesting employers are avoiding major job cuts.
Reliability of the monthly data
Signs of Labor-Market Cooling
The survey's employer response rate has fallen significantly from before the COVID-19 pandemic, so monthly changes may warrant caution.
Signs of Labor-Market Stability
Despite that limitation, the latest figures align with other signs that the labor market may be regaining stability.
Key facts
- August job openings
- 7.079 million, down 256,000 from July
- July revised openings
- 7.335 million, revised up from 7.271 million
- Job openings rate
- 4.3%, down from 4.4% in July
- Layoffs and discharges
- 1.641 million, down 61,000 from July
- Hiring
- 5.192 million, up 46,000 from July
- Quits
- 3.1 million, with the quits rate at 1.9%
- Labor-market balance
- About one job opening per unemployed worker, compared with roughly two in 2022
Sources
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