Ghost of Truth on Nostr: U.S. Job Openings Plunge to Lowest Level Since January 2021 The U.S. labor market is ...
U.S. Job Openings Plunge to Lowest Level Since January 2021
The U.S. labor market is showing signs of a cooling trend as job openings dropped sharply in July 2024. According to the latest data, the number of available positions fell by 237,000 to 7.673 million, a significant decline from June's revised figure of 7.910 million. This marks the lowest level of job openings since January 2021 and falls well below market expectations of 8.10 million.
Key sectors driving this downturn include health care and social assistance, which saw a reduction of 187,000 job openings, and state and local government (excluding education), which experienced a decline of 101,000. The transportation, warehousing, and utilities sector also posted a significant drop of 88,000 available positions. However, not all areas of the economy faced losses—professional and business services saw an increase of 178,000 job openings, and the federal government added 28,000 positions.
Despite the drop in openings, the overall hiring activity remained stable in July, with the number of hires holding steady at 5.5 million and the hiring rate unchanged at 3.5%.
#JobMarketTrends #LaborEconomy #JobOpenings #EconomicOutlook
The U.S. labor market is showing signs of a cooling trend as job openings dropped sharply in July 2024. According to the latest data, the number of available positions fell by 237,000 to 7.673 million, a significant decline from June's revised figure of 7.910 million. This marks the lowest level of job openings since January 2021 and falls well below market expectations of 8.10 million.
Key sectors driving this downturn include health care and social assistance, which saw a reduction of 187,000 job openings, and state and local government (excluding education), which experienced a decline of 101,000. The transportation, warehousing, and utilities sector also posted a significant drop of 88,000 available positions. However, not all areas of the economy faced losses—professional and business services saw an increase of 178,000 job openings, and the federal government added 28,000 positions.
Despite the drop in openings, the overall hiring activity remained stable in July, with the number of hires holding steady at 5.5 million and the hiring rate unchanged at 3.5%.
#JobMarketTrends #LaborEconomy #JobOpenings #EconomicOutlook