Posted by msmash from the troubling-signs dept.
US job openings fell in July to the lowest since the start of 2021 and layoffs rose, consistent with other signs of slowing demand for workers. From a report: Available positions decreased to 7.67 million from a downwardly revised 7.91 million reading in the prior month, the Bureau of Labor Statistics Job Openings and Labor Turnover Survey, known as JOLTS, showed Wednesday. The figure was lower than all estimates in a Bloomberg survey of economists. The decline in openings coincides with recent data that show the labor market is softening, which has raised concern among Federal Reserve officials. Job growth has been slowing, unemployment is rising and jobseekers are having greater difficulty finding work, fueling fears about a potential recession.
Policymakers have made it clear they don’t want to see further cooling in the labor market and are widely expected to start lowering interest rates at their next meeting in two weeks. After July’s disappointing jobs figures and a large downward revision to payrolls in the past year, Fed officials and market participants are paying close attention to the August employment data due Friday — especially if another weak report could prompt an outsize rate cut.
The system was down for backups from 5am to 10am last Saturday.
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