The number of US job openings fell by more than 1 million in August
By Alicia Wallace, CNN BusinessUpdated: Tue, 04 Oct 2022 14:09:06 GMTSource: CNN BusinessThe tight US labor market started to show signs of loosening in August. The number of job openings dropped to 1
By Alicia Wallace, CNN BusinessUpdated: Tue, 04 Oct 2022 14:09:06 GMT
Source: CNN Business
The tight US labor market started to show signs of loosening in August. The number of job openings dropped to 10.1 million from 11.2 million in July, according to data released Tuesday by the Bureau of Labor Statistics. That's the lowest total since June 2021.
The latest Job Openings and Labor Turnover Survey, or JOLTS, showed that the decrease in available jobs means that there are now almost 1.7 positions open for every person looking for one, down from two openings per job seeker in July.
The decline is likely welcome news to the Federal Reserve, which wants more slack in the labor market out of concern that tight employment could push up wages and ultimately keep inflation elevated.
This story is developing and will be updated.
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