{"id":2016443,"date":"2023-08-30T07:47:01","date_gmt":"2023-08-30T11:47:01","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/us-job-openings-fall-below-9-million-for-1st-time-in-over-2-years\/"},"modified":"2023-08-30T07:49:40","modified_gmt":"2023-08-30T11:49:40","slug":"us-job-openings-fall-below-9-million-for-1st-time-in-over-2-years","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/us-job-openings-fall-below-9-million-for-1st-time-in-over-2-years\/","title":{"rendered":"US job openings drop below 9 million, a first in over 2 years."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">26<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fus-job-openings-fall-below-9-million-for-1st-time-in-over-2-years%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2016443&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div data-post-content=\"true\" class=\"post_content\" id=\"post_content\">\n<p>Job\u200d openings in the\u2062 United States have fallen below \u20649 million for \u2064the first \u200ctime in over two \u2062years, \u200bshrinking for\u2064 the\u200c third consecutive\u2062 month.<\/p>\n<p>A smaller number\u200d of workers quit their jobs\u200d in July, as businesses hired fewer workers and layoffs rose slightly, as the\u2062 <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/us-job-openings-fall-below-9-million-for-1st-time-in-over-2-years\/\" title=\"US job openings drop below 9 million, a first in over 2 years.\">tight\u2062 employment market cooled<\/a> off, according to the Bureau of\u2063 Labor Statistics&#8217; Job Openings and Labor Turnover Survey \u200b(JOLTS) report.<\/p>\n<p>The \u200bnews has\u200c raised\u2062 expectations \u200cthat the\u2063 Federal Reserve will keep interest rates unchanged in September.<\/p>\n<div class=\"shortcode\">\n<div class=\"border-comp-divider mb-4 mr-4 w-full max-w-[500px] border px-5 py-4 text-[16px] leading-[20px] text-[#262626] md:float-left\">\n<div class=\"mb-3 font-sans text-[16px] font-semibold uppercase leading-[19px] text-[#2F2F2F]\">Related Stories<\/div>\n<div class=\"mb-4 flex gap-2\">\n<div class=\"grow\">\n<div class=\"mb-1 line-clamp-2\">\n            <a href=\"http:\/\/www.theepochtimes.com\/article\/large-number-of-job-openings-may-lead-to-rate-hike-5306248\">Large Number of Job \u200dOpenings May Lead to Rate Hike<\/a>\n          <\/div>\n<div class=\"text-comp-caption text-[14px] leading-[18px]\">6\/1\/2023<\/div>\n<\/p><\/div>\n<div class=\"shrink-0 basis-[120px]\">\n          <a href=\"http:\/\/www.theepochtimes.com\/article\/large-number-of-job-openings-may-lead-to-rate-hike-5306248\"><\/a>\n        <\/div>\n<\/p><\/div>\n<div class=\"mb-4 flex gap-2\">\n<div class=\"grow\">\n<div class=\"mb-1 line-clamp-2\">\n            <a href=\"http:\/\/www.theepochtimes.com\/article\/labor-market-cools-as-job-openings-drop-manufacturing-recession-deepens-5435604\">Labor Market Cools as Job Openings\u200b Drop, \u2063Manufacturing Recession Deepens<\/a>\n          <\/div>\n<div class=\"text-comp-caption text-[14px] leading-[18px]\">8\/1\/2023<\/div>\n<\/p><\/div>\n<div class=\"shrink-0 basis-[120px]\">\n          <a href=\"http:\/\/www.theepochtimes.com\/article\/labor-market-cools-as-job-openings-drop-manufacturing-recession-deepens-5435604\"><\/a>\n        <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>A separate survey from the Conference Board on Aug. 28 revealed that consumer perceptions on the \u2063<a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/u-s-weekly-jobless-claims-fall-to-712000\/\" title=\"U.S. Weekly Jobless Claims Fall to 712,000\">labor market appeared<\/a> to cool down \u2062in August, a sign that caution is growing\u200b among Americans.<\/p>\n<h2>Jobs Fall<\/h2>\n<p>The Bureau of Labor Statistics reported \u200dthat\u200c available\u200d jobs fell \u200cto a \u200bseasonally adjusted \u200b8.827 million\u2064 in July, from 9.165 million \u200din June, after falling 338,000.<\/p>\n<p>The <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/u-s-job-openings-drop-sharply-labor-market-starting-to-loosen\/\" title=\"U.S. job openings drop sharply, labor market starting to loosen\">job openings rate fell<\/a> \u2064to 5.3 percent last \u2063month\u200b from 5.5 \u200dpercent in June.<\/p>\n<div class=\"shortcode\">\n<div class=\"lazyload-wrapper\">\n<div class=\"lazyload-placeholder\"><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>The massive drop \u200dis in contrast to earlier\u200d estimates from economists \u200cpolled by Reuters, who had predicted 9.465 million \u2063job openings \u2063in July.<\/p>\n<p>Still <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/slower-u-s-job-growth-anticipated-in-september-labor-market-still-tight\/\" title=\"Slower U.S. job growth anticipated in September; labor market still tight\">labor market conditions remain tight<\/a>, with \u200bthe lowest\u200b number of total openings\u200b since March\u2063 2021 and 1.5 job openings for each unemployed person \u200dlast month.<\/p>\n<p>According \u2064to the JOLTS report, \u200bopenings fell\u2063 across most major industries, but picked up in information, transportation, warehousing, and utilities.<\/p>\n<p>Unfilled jobs increased 101,000 in\u2064 the information sector, where \u2062there was \u200can\u200c increase of 75,000 open positions in \u2064transportation, warehousing, and\u200d utilities.<\/p>\n<p>Most of the losses were in the\u200b white collar\u2063 and services sector, \u200cwhere job \u2063openings tumbled 198,000.<\/p>\n<p>There were also\u200c 130,000 fewer open positions in the\u200d health care\u2062 and\u200d social assistance industries.<\/p>\n<div style=\"margin-left:0;margin-right:0;max-width:1200px\">\n<figure style=\"width:640px;margin-left:auto;margin-right:auto\" class=\"alignnone\"><figcaption>A student does steel \u2064work at Ironworkers Local 29 during an apprenticeship in Dayton, \u200dOhio, on Oct.\u200c 24, 2022. (Megan Jelinger\/AFP\u200b via Getty\u2063 Images)<\/figcaption><\/figure>\n<\/p><\/div>\n<p>Available state and local government jobs fell 62,000, excluding education, while there were 27,000 \u2063fewer vacancies in\u200b the federal government.<\/p>\n<p>&#8220;A lot of\u2064 people were discouraged by the JOLTS report \u200dbecause it was lower than expected at\u200d 8.8 million open jobs in our economy. But\u2064 I\u200d was\u200c actually\u200c encouraged despite the headline number being down,&#8221; RedBalloon CEO Andrew Crapuchettes told The Epoch Times in a statement.<\/p>\n<p>&#8220;This is due, in large part, to\u200c the decrease in demand for government jobs,&#8221; he said.<\/p>\n<p>He noted that small \u200cbusinesses\u200c are continuing to hire at a good pace, according to\u200c the JOLTS data, \u200bcalling 2023 &#8220;the year of the small business.&#8221;<\/p>\n<p>&#8220;Whereas the private sector\u200b is actually hiring more quickly, particularly small businesses saw the largest increase in hiring. Job openings at businesses with one \u200dto nine employees \u2064increased from 1.3 million to 1.9 million \u2064month over\u2064 month, and \u200copenings increased at businesses with 10 to 49 employees from 2.3 million to 2.5 million,&#8221; Mr.\u2062 Crapuchettes said.<\/p>\n<p>&#8220;Combined between\u2064 the two sectors, they grew by 800,000 jobs to almost 4.5 million jobs, \u2063which is more than\u2063 half the \u200bjob demand in all of the private sector.&#8221;<\/p>\n<p>&#8220;Another \u2064interesting trend we see from\u200c this report is the increase in demand for blue-collar jobs. We&#8217;re seeing businesses who \u2062have concerns some geopolitical\u2062 situations that are happening in Asia \u200cand \u200cUkraine,\u200b so they&#8217;re working to vertically integrate their supply chain at home so as \u200cnot be\u200b reliant on those countries,&#8221;\u200b he \u2064added.<\/p>\n<p>&#8220;Overall,\u200d we have an increase in blue-collar jobs, we have an increase in small business jobs, and we \u2063have\u2062 a decrease in government jobs. That\u2063 sounds like a great JOLTS report\u200c to me.&#8221;<\/p>\n<h2>Labor\u2064 Market Remains \u200cStrong<\/h2>\n<p>However, the labor \u2064market remains\u200c strong, \u200bdespite the Fed hiking interest\u2063 rates to 5.25 percent, the\u200c 10th consecutive increase since \u200dMarch 2022, partially \u2062owing \u2064to a \u200dcrucial need to fill positions in the \u200dwake \u200bof the \u2063COVID-19 pandemic.<\/p>\n<p>The JOLTS report last month showed that\u200b the number of new hires dropped to 5.773 million from 5.94 million, while the hiring rate dipped to 3.7 percent from 3.8 percent in \u200dJune.<\/p>\n<p>Resignations fell 253,000 to 3.549 million, \u200cthe lowest level since February 2021, which is a good\u200b sign for the Fed, as \u200bjob hopping leads to wage\u200d inflation.<\/p>\n<p>The quits\u200c rate, one of the measures of labor market \u2064confidence, fell to 2.3 percent in \u200cJuly from\u200c 2.4\u2063 percent \u2063in June, to 3.549 million.<\/p>\n<p>Liz Young, head of investment strategy at SoFi,\u200d said \u200bon X, formerly known \u200cas Twitter, that\u200c the \u200bdrop in the base rate put it &#8220;firmly back \u2063to the pre-pandemic baseline. This has historically led the Atlanta Fed Wage Growth Tracker by ~9mos, and suggests wage deceleration ahead.&#8221;<\/p>\n<p>Layoffs also remain very low\u2062 by historical standards,\u200c remaining little changed\u2064 in\u2062 July, at 1.555 million\u200c from 1.551\u2062 million.<\/p>\n<div style=\"margin-left:0;margin-right:0;max-width:1200px\">\n<figure style=\"width:640px;margin-left:auto;margin-right:auto\" class=\"alignnone\"><figcaption>Federal\u200c Reserve Board Chairman\u2063 Jerome Powell speaks during an\u200d interview by David\u2062 Rubenstein, Chairman of the Economic Club \u200dof Washington, D.C., at \u2062the Renaissance Hotel in Washington on Feb. 7, 2023. (Julia Nikhinson\/Getty Images)<\/figcaption><\/figure>\n<\/p><\/div>\n<p>Figures\u200b were 17 percent below what \u2063they were before the pandemic in \u2063July, while the\u200d \u201clabor leverage \u200cratio\u201d of quits versus discharges was 29 percent higher, wrote Julia Pollak,\u200c chief \u200beconomist\u200b for ZipRecruiter, in \u2064a statement.<\/p>\n<p>She said there were currently\u2062 3 million more\u2064 openings \u2062in the United States than unemployed workers.<\/p>\n<p>The relatively unchanged layoff figures also showed little runoff from the massive \u2063layoffs that hit \u200bthe technology and media sectors over the past \u2062year.<\/p>\n<p>Companies have been \u200dreluctant to lay<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Job openings in the US dropped below 9 million for the first time in over two years, declining for the third straight month. In July, fewer workers quit their jobs due to reduced hiring and slightly increased layoffs, indicating a cooling employment market, as per the Bureau of Labor.<\/p>\n","protected":false},"author":327,"featured_media":2016444,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[543],"tags":[],"class_list":["post-2016443","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-epoch-times"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2016443","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/327"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2016443"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2016443\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2016444"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2016443"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2016443"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2016443"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}