- Prior month 8.184M (was expecting 8.000M) revised lower 7.910M
- Job openings 7.673M. Lowest since Feb 2021
- vacancy rate 4.6% versus 4.8% last month revised from 4.9%
- Quits rate 2.1% versus 2.0% last month (revised from 2.1%).
- Separations rate 3.2% versus 3.2% last month
Details:
JOLT Job Report Summary for July
- Total job openings: 7.7 million, rate 4.6%
- Decreased by 1.1 million year-over-year
- Decreased in:
- Health care and social assistance: -187,000
- State and local government, excluding education: -101,000
- Transportation, warehousing, and utilities: -88,000
- Increased in:
- Professional and business services: +178,000
- Federal government: +28,000
Hires:
- Total hires: 5.5 million, rate 3.5%
- Increased in accommodation and food services: +156,000
- Decreased in federal government: -8,000
Total Separations: Separations are increasing
- Total separations increased to 5.4 million (+336,000), rate 3.4%
- Increased in health care and social assistance: +108,000
Quits: People are not quitting
- Total quits unchanged at 3.3 million, rate 2.1% vs 2.0% last month
- Down by 338,000 year-over-year.
- Increased in information: +16,000
Layoffs and Discharges:
- Total layoffs and discharges: 1.8 million, rate 1.1%
- Increased in accommodation and food services: +75,000
- Increased in finance and insurance: +21,000
Other Separations:
- Increased to 381,000 (+71,000)
Stocks have moved lower after the weaker than expected JOLTs job report.
Feds Waller did say if the vacancy rate fell below 4.5% it would indicate that the slacking labor is being absorbed. The vacancy rate fell to 4.6% from 4.8% last month.
