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- U.S. job openings climb 7.4 percent in July; hires decrease 2.3 percent
U.S. job openings climb 7.4 percent in July; hires decrease 2.3 percent
The
Job Openings and Labor Turnover Survey (JOLTS) published by the Labor
Department on Wednesday revealed a 7.4 percent m-o-m climb in the U.S. job
openings in July after a revised 7.4 percent m-o-m surge in June (originally a 6.2
percent m-o-m climb).
According
to the report, employers posted 10.934 million job openings in July compared to
the June figure of 10.185 million (revised from 10.073 million in the original
estimate) and economists’ expectations of 10.000 million. This was the highest
reading since the series began in December 2000. The
job openings rate was 6.9 percent in July, up from an unrevised 6.5 percent in
the previous month. The
report showed that the job openings rose in several industries, with the largest
gains in health care and social assistance (+294,000), finance and insurance
(+116,000), and accommodation and food services (+115,000).
Meanwhile,
the number of hires fell 2.3 percent m-o-m to 6.667 million in July from a
revised 6.827 million in June (originally 6.719 million). The hiring rate was
4.5 percent in July, up from a revised 4.7 percent in the prior month
(originally 4.6 percent). Hires declined in retail trade (-277,000), durable
goods manufacturing (-41,000), and educational services (-23,000), but increased
in state and local government education (+33,000) and in federal government
(+21,000).
The
separation rate in July was 5.786 million or 3.9 percent, compared to 5.612 million
or 3.8 percent in June. Within separations, the quits rate was 2.7 percent
(flat m-o-m), and the layoffs rate was 1.0 percent (+0.1 p.p. m-o-m).
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