US Companies Post 8.8 Million Job Openings in July... Lowest in Two and a Half Years
The number of job openings at U.S. companies in July fell to the lowest level in two and a half years.
According to the Job Openings and Labor Turnover Survey (JOLTS) released by the U.S. Department of Labor on the 29th (local time), the number of job openings in the private sector in July was 8.8 million, a decrease of 338,000 (5.3%) compared to the previous month.
This is the lowest figure since March 2021 (8.4 million). It also fell significantly short of the market forecast (9.5 million). This indicates that the previously overheated U.S. labor market is cooling down.
The U.S. Federal Reserve (Fed) is closely monitoring employment indicators, as it views an overheated labor market as a potential driver of inflation.
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Following the release of the JOLTS report on this day, the market is paying close attention to the nonfarm payroll employment data to be released on the 1st of next month to see whether the easing of labor market overheating will continue.
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