The
Job Openings and Labor Turnover Survey (JOLTS) published by the Labor
Department on Tuesday revealed a 5.9 percent m-o-m decline in the U.S. job
openings in August after a revised 9.0 percent m-o-m climb in July (originally
a 7.4 percent m-o-m jump).
According
to the report, employers posted 10.439 million job openings in August compared
to the July series high of 11.098 million (revised from 10.934 million in the
original estimate) and economists’ expectations of 10.925 million. The job openings rate was 6.6 percent in August, down
from a revised 7.0 percent in the previous month (originally 6.9 percent). The
report showed that the job openings fell in several industries with the largest
decreases in health care and social assistance (-224,000), accommodation and
food services (-178,000), and state and local government education (-124,000).
Meanwhile,
the number of hires plunged 6.5 percent m-o-m to 6.322 million in August from a
revised 6.761 million in July (originally 6.667 million). The hiring rate was
4.3 percent in August, down from a revised 4.6 percent in the prior month
(originally 4.5 percent). Hires declined in accommodation and food services
(-240,000) and in state and local government education (-160,000).
The
separation rate in August was 6.003 million or 4.1 percent, compared to 5.792 million
or 3.9 percent in July. Within separations, the quits rate was 2.9 percent (+0.2
p.p. m-o-m), and the layoffs rate was 0.9 percent (-0.1 p.p. m-o-m).