JOLTS job openings 8.040M vs 7.660M estimate

• Prior month 7.673M revised to 7.711M
• Job openings 8.040M.
• Vacancy rate 4.8% versus 4.6% last month
• Quits rate 1.9% versus 2.0% last month (revised from 2.1%)
• Separations rate 3.1% versus 3.2% last month

Details:

• 1.3 million fewer openings than the previous year

• Increases in construction (+138,000) and local government (+78,000) job openings

• Decrease in other services (-93,000) job openings

US Hires in August:

• 5.3 million hires (no significant change)

• Hire rate remained at 3.3% (no significant change)

The hiring market remained stable in August.

Total Separations:

• 5.0 million (no significant change)

• Rate decreased to 3.1%

• Increased in professional/business services (+149,000)

• Decreased in accommodation/food services (-111,000) and state/local government (-25,000)

Quits:

• 3.1 million (-159,000)

• Rate remained at 1.9%

• Decreased in transportation/warehousing/utilities (-45,000); arts/entertainment/recreation (-18,000); and private education (-11,000)

Layoffs/Discharges:

• 1.6 million (no significant change)

• Rate remained at 1.0%

• Decreased in healthcare/social assistance (-52,000)

Other Separations:

• 304,000 (no significant change)

The data indicates a slight decrease in overall separations and quits, while layoffs/discharges remained stable.

The JOLTs good and bad is the job openings increased but off the lowest level going back to March 2021. The job openings are -1.3M lower than the previous year.

The quits rate remained steady at 1.9%. Other measures were fairly steady.

This article was written by Greg Michalowski at www.forexlive.com.