Published: 2024-09-04T14:27:17.000Z
U.S. July JOLTS report on Job Openings - Gradual slowing in trend continues
Senior Economist , North America
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July’s JOLTS report is weaker than expected with job openings down by 237k to 7.673m, the lowest level since January 2021, though the monthly decline is not exceptional and the trend continues to be gradually slowing at a similar pace to recent months.
Coming after a 320k decline in May and a 311k increase in April the 3-month average of -82k is actually at a 5-month high, though the 6-month average of -179k is at a 9-month low and probably says more about the underlying picture. Still, the 12-month average saw lows weaker than this in the summer of 2023. A gradual sowing of the labor market continues, but is not clearly accelerating.
The difference between hires and separations is down to a 12-month low of 101k, consistent with the slower July payroll, with hires up by 273k after a 407k June decline and separations up by 336k after a 313k June decline. 63k of the rise in separations came from quits, which after a 189k June decline is not strong enough to suggest that workers are seeing greater opportunities in the labor market.