US Job Openings in July Reach 11.2 Million... Labor Market Still Hot

[Asia Economy New York=Special Correspondent Joselgina] A new indicator has emerged showing that despite ongoing concerns about economic slowdown, labor demand from US companies remains robust.

According to the US Department of Labor on the 30th (local time), the number of job openings at US companies in July was 11.2 million, an increase of 200,000 from the previous month. This marks a reversal from the declining trend that continued until June. The July job openings also far exceeded market expectations.

The number of resignations in July was 4.2 million, down 100,000 from the previous month. The number of hires was 6.4 million, a decrease of 100,000.

The Wall Street Journal (WSJ) analyzed that "the number of job openings still significantly exceeds the number of workers looking for jobs." The Hill also described it as "the latest evidence showing strength in the labor market despite conditions that could weaken it." Local media expect these indicators to influence the Federal Reserve's interest rate decision in September.

Recently, signs of slowdown have been confirmed in the US labor market due to the ongoing interest rate hike cycle since the beginning of the year. Workforce reductions in preparation for economic slowdown have been seen mainly among large companies such as Ford Motor and Walmart. However, this indicator is evaluated as confirming that many companies are still experiencing difficulties in hiring. Diane Swonk, Chief Economist at global accounting and consulting firm KPMG, stated, "Despite the economic slowdown, many companies are still struggling with labor shortages."

This content was produced with the assistance of AI translation services.