U.S. job openings decrease in August

The Job Openings and Labor Turnover Survey (JOLTS) published by the Labor Department on Wednesday showed 1.7 percent m-o-m drop in the U.S. job openings in August.

According to the report, employers posted 7.051 million job openings in August, compared to the July figure of 7.174 million (revised from 7.217 million in original estimate) and economists’ expectations of 7.051 million. The job openings rate was 4.4 percent in August, down from an unrevised 4.5 percent in the prior month. The report showed that the number of job openings was little changed for total private and for government. The job openings level declined in nondurable goods manufacturing (-49,000 jobs) and in information (-47,000).

Meanwhile, the number of hires fell by 3.3 percent m-o-m to 5.779 million in August from 5.978 in July. The hiring rate was 3.8 percent, down from 3.9 in July. The number of hires edged up for total private (-219,000) and was little changed for government. The hires level increased in federal government (+35,000).

The separation rate in August was at 5.638 million or 3.7 percent, compared to 5.810 million or 3.8 percent in July. Within separations, the quits rate was 2.3 percent (-0.1 pp m-o-m), and the layoffs rate was 1.2 percent (flat m-o-m).