Market Updates
August Job Openings Suggested Tight Labor Market Conditions
Brian Turner
03 Oct, 2023
New York City
The number of job openings increased to 9.6 million at the end of August, the Bureau of Labor Statistics reported Tuesday.
Job openings increased 5.8% or 690,000 in the month from a year ago.
The higher job openings highlighted persistent tight labor conditions despite multiple interest rate hikes and elevated inflation.
Over the month, the number of hires rose modestly by 35,000 and separations changed little at 5.9 million and 5.7 million respectively.
Over the month, job openings increased in professional and business services by 509,000, finance and insurance by 96,000, state and local government education by 76,000, nondurable goods manufacturing by 59,000, and federal government by 31,000.
The number of separations, quits and layoffs were little changed in the month.
The number of total separations in August was little changed at 5.7 million, and the rate was unchanged at 3.6%, the number of quits changed little at 3.6 million and the rate was unchanged at 2.3% and the number of layoffs and discharges changed little at 1.7 million, and the rate held at 1.1 %.
The number of job openings have been on the decline after peaking at 12 million in March 2022, and the openings fell as low as 8.9 million in July 2023.
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