US job openings fall to 7.08 million in August
US employers posted 7.08 million job openings in August, down by 256,000 from July, the Labor Department’s JOLTS report showed on September 29.
The figure came in below the 7.23 million forecast in a Reuters poll. July openings were revised higher to 7.34 million, and the job openings rate slipped to 4.3% from 4.4%.
Layoffs stayed low, falling by 61,000 to 1.64 million, while hiring rose by 46,000 to 5.19 million. The data points to a steady labour market where firms avoid cuts but stay cautious about adding staff.
Most economists see the market as having regained its footing after a soft summer. The Federal Reserve is watching the data closely after raising rates to 3.75%-4.00% this month. The JOLTS report has been hit by a low response rate, a concern among economists, Reuters noted. Openings remain elevated compared with pre-pandemic levels.
What happens next: the September employment report due October 2 will show whether hiring held up.
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