WASHINGTON (AP) — Job openings across the country were about the same in August as they were in July, according to new data released earlier this week by the federal government.
The Labor Department reported that job openings increased slightly to 7.23 million from 7.21 million in July. Economists had forecast a drop to 7.1 million.
The Job Openings and Labor Turnover Survey (JOLTS) showed that layoffs fell in August, but so did the number of people quitting their jobs — which is a sign of confidence in their prospects of finding a better job.
The report’s measure of hiring in August was the weakest since June 2024.
Job openings remain at historically healthy levels but have fallen steadily since peaking at a record 12.1 million in March 2022 as the nation’s economy roared back from COVID-19 government-implemented lockdowns.
The country’s job market has lost momentum this year, partly because of the lingering effects of 11 interest rate hikes by the inflation fighters at the Federal Reserve in 2022 and 2023 and partly because President Donald Trump’s trade policies have created uncertainty that is paralyzing managers trying to make hiring decisions, according to economists.
Economists say the new JOLTS numbers suggest that the job market remains in an awkward place: Americans who have jobs are mostly safe from layoffs, unemployment remains low at 4.3 percent, but jobseekers are struggling to find work.
“Companies are clearly hoarding workers with the economy still at full employment,” Carl Weinberg, chief economist at High Frequency Economics, wrote in a commentary. “It will take a bigger blow than what we have seen so far to convince companies that it is safe and prudent — and necessary — to lay off workers.’’
Labor Department revisions released last month showed that the economy created 911,000 fewer jobs than originally reported in the year that ended in March.
That meant that employers added an average of fewer than 71,000 new jobs a month over that period, not the 147,000 first reported. Since March, job creation has slowed even more — to an average 53,000 a month.
On Friday, the Labor Department is scheduled to release numbers on September hiring and unemployment — though the report could be postponed if a budget impasse in Congress leads to a government shutdown.
If the report comes out, it is expected to show that employers added 50,000 jobs in September, unimpressive but up from 22,000 in August, according to a survey of economists by the data firm FactSet.
At their last meeting two weeks ago, Federal Reserve policymakers cut their benchmark interest rates for the first time this year to support the sputtering job market.