Job openings fall to 7.1 million in August, fewer than expected
Openings dropped by about 256,000, but hiring edged up and layoffs stayed low, a sign of a cooling but steady labor market.
WASHINGTON — U.S. employers posted 7.08 million job openings on the last business day of August, down from a revised 7.34 million in July and below the roughly 7.2 million economists had expected, the Labor Department said Tuesday in its Job Openings and Labor Turnover Survey.
Openings were equal to 4.3% of total employment plus vacancies. Compared with a year earlier, openings were up about 160,000.
Hiring holds up
Hiring rose slightly to about 5.2 million, while total separations were little changed at about 5.1 million. Quits, a sign of how confident workers feel about finding another job, held at about 3.1 million. Layoffs and discharges were about 1.6 million, still low by historical standards.
Why it matters
Fewer openings with steady hiring point to a labor market that is cooling without breaking. That matters for the Federal Reserve, which is weighing a softer job market against inflation that has been pushed up by energy prices.
Sources
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