Job openings in the U.S. fell in July to a 28-month low of 8.8 million, as companies scale back hiring in response worries about an economic slowdown.
Job listings dropped from a revised 9.2 million June , the Labor Department said Tuesday. It’s the fewest number of job openings since March 2021.The number of job openings is seen as a sign of the health of the labor market and the broader U.S. economy.
Job postings have dropped from a record 12 million last year partly because of a surge in hiring, but also because businesses have become more cautious amid worries about a recession. The number of people quitting jobs, meanwhile, sank to 3.5 million and touched the lowest level in two and a half years. People are more likely to quit when they think it’s easy to get a better job, but they tend to stay put when the economy weakens.Big picture: The Federal Reserve has sharply raised interest rates to slow inflation, but higher borrowing costs have not depressed the economy as much as they normally do.
The economy has continued to expand at a steady pace and the number of jobs being created — though slowing — is increasing twice as fast as the Fed would like. Still, Fed officials are sure to welcome the decline in job openings and slowdown in hiring. The central bank is worried that a persistently tight labor market — too many jobs and not enough workers — could keep upward pressure on worker pay.Market reaction: The Dow Jones Industrial Average DJIA, +0.37% and S&P 500 SPX, +0.74% rose in Tuesday trades. The softness in the job-openings report added to the positive tenor.
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