Job openings fell from a year ago for the third straight month in August, a sign of softening employer demand. While postings declined 4% to 7.1 million, the Labor Department survey shows, they still outnumbered available workers by about a million. But the last consecutive period of declines accompanied the financial crisis in 2009, and the latest report follows another showing fewer new hires in September.
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I can't help but wonder if this is due to employers learning how to make due with what they have -OR - the economy slowing down so the jobs are not needed. Any economically minded folks want to chime in?
The little known Job Opening and Labor Turnover (JOLT) report came out today. Highlights include 5.8 million hires, 5.6 million separations (quits, layoffs, discharges) and 7.1 million job openings across the U.S. in Aug. We need more programs and services in the region for the 45k unemployed workers and employers struggling to fill more than 45k job openings. Every 1k positions filled is worth $50 million in economic development. https://lnkd.in/dh9bhnr
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U.S. job openings unexpectedly declined in August to the lowest level since March 2018, underscoring the slowdown in hiring across American employers even as the labor market remains generally tight. The number of positions waiting to be filled fell by 123,000 to 7.05 million, according to the Labor Department’s Job Openings and Labor Turnover Survey, or JOLTS, released Wednesday. The quits rate dropped to 2.3%, in line with readings over the past year and signaling workers remain confident about job opportunities.