US Job Openings Hit Five-Month Low in August, but Layoffs Stay Subdued
US job openings fell to their lowest level in five months in August, signalling softer demand for workers, while a modest rise in hiring and subdued layoffs pointed to continued stability in existing employment.
Vacancies declined by 256,000 to 7.079 million on the last business day of August, down from a revised 7.335 million in July, according to seasonally adjusted figures from the US Bureau of Labor Statistics’ Job Openings and Labor Turnover Survey, or JOLTS.
The August reading was the lowest since March. The job openings rate slipped to 4.3 per cent from 4.4 per cent in July.
Hiring Rises, Job Cuts Ease
Despite the decline in advertised positions, employers hired slightly more workers during the month.
Hires increased by 46,000 to 5.192 million, compared with 5.146 million in July. The hiring rate stood at 3.3 per cent.
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Layoffs and discharges, meanwhile, fell by 61,000 to 1.641 million from 1.702 million. The figures suggested employers were largely holding on to their workforce despite the cooling in demand for additional staff.
“The number and rate of layoffs and discharges changed little at 1.6 million and 1.0 percent, respectively, in August,” the Bureau said.
The combination of fewer vacancies and limited job cuts pointed to a slowdown in recruitment demand without a corresponding surge in dismissals.
Workers’ Quits Remain Steady
Total separations, which include voluntary resignations, layoffs and other departures, were broadly unchanged at around 5.1 million. The separations rate stood at 3.2 per cent.
About 3.1 million workers voluntarily left their jobs, also largely unchanged from July, while the quits rate held at 1.9 per cent.
Quits are watched as an indicator of workers’ willingness or ability to leave their current positions for other opportunities.
The Bureau reported fewer quits in wholesale trade and state and local government education. Resignations increased in nondurable goods manufacturing and private educational services.
July Figures Revised Higher
The Bureau revised July’s job openings upward by 64,000 to 7.335 million. Hiring for that month was revised higher by 92,000 to 5.146 million, while total separations were raised by 56,000 to around 5.1 million.
Taken together, the August figures showed a labour market with fewer available openings, modestly higher hiring and no sign in the layoffs data of widespread job cuts.
With inputs from ANI