U.S. Job Openings Fall To Ten-Month Low In July

RTTNews | 1 일 전

(RTTNews) - Job openings in the U.S. fell to their lowest level in ten months in July, according to a report released by the Labor Department on Wednesday.

The Labor Department said job openings dipped to 7.181 million in July after tumbling to a downwardly revised 7.357 million in June.

Economists had expected job openings to fall to 7.375 million from the 7.437 million originally reported for the previous month.

With the decrease, job openings dropped to their lowest level since hitting 7.103 million in September 2024.

Nancy Vanden Houten, Lead U.S. Economist at Oxford Economics, noted the decline in job openings pushed the job openings-to-unemployed ratio below 1.0 for the first time since April 2021, signaling a loosening demand for workers.

"The August employment report will be more pivotal than the JOLTS data in determining whether the Fed cuts rates at its upcoming meeting, but the picture of the labor market painted by the JOLTS data along with our forecast for August employment points to a rate cut at the next meeting," Vanden Houten said.

The report said hires rose to 5.308 million in July from 5.267 million in June, while total separations slipped to 5.289 million in July from 5.341 million in June.

Within separations, quits edged down to 3.208 million in July from 3.209 million in June but layoffs crept up to 1.808 million in July from 1.796 million in June.

On Friday, the Labor Department is scheduled to release its report on the employment situation in the month of August.

Economists currently expect employment to increase by 75,000 jobs in August after rising by 73,000 jobs in July, while the unemployment rate is expected to inch up to 4.3 percent from 4.2 percent.

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