WASHINGTON (AP) — America's employers posted fewer job openings in July than they had the previous month, a sign that hiring could cool in the coming months.
WASHINGTON — America's employers posted fewer job openings in July than they had the previous month, a sign that hiring could cool in the coming months.
Overall, Wednesday's report painted a mixed picture of the job market. On the positive side, total hiring rose in July, to 5.5 million, after it had fallen to a four-year low of 5.2 million in June. And the number of people who quit their jobs ticked up slightly, to about 3.3 million. The number of quits is seen as a measure of the job market’s health: Workers typically quit when they already have a new job or when they're confident they can find one.
Even as openings have fallen for the past two years, there are still roughly 1.1 job openings for every unemployed person, Wednesday’s report showed. That reflects the economy's continuing need for workers and marks a reversal from before the pandemic, when there were always more unemployed people than available jobs.
Those figures sparked fears that the economy was seriously weakening and contributed to a plunge in stock prices. Late last month, Fed Chair Jerome Powell underscored the central bank’s increasing focus on the job market, with inflations steadily fading.in Jackson Hole, Wyoming, Powell said that hiring has “cooled considerably” and that the Fed does not “seek or welcome further cooling” in the job market.
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