Job vacancies fell by 256,000 to 7.079 million, while layoffs declined and hiring edged higher, signalling softer labour demand but no broad-based wave of job cuts.
The US labour market showed fresh signs of cooling in August as job openings fell to their lowest level in five months, although subdued layoffs and a modest rise in hiring suggested employers continued to hold on to workers.
According to data released by the US Bureau of Labour Statistics, job openings fell by 256,000 to 7.079 million on the last business day of August, down from a revised 7.335 million in July.
The August reading was the lowest since March, while the job openings rate slipped to 4.3 per cent from 4.4 per cent in July.
The decline in vacancies points to softer demand for workers, but the broader labour market remained relatively resilient. Hiring increased by 46,000 to 5.192 million in August from 5.146 million in July, with the hiring rate holding at 3.3 per cent.
At the same time, layoffs and discharges fell by 61,000 to 1.641 million from 1.702 million in July. The layoffs rate remained at 1.0 per cent.
The data indicates that while US employers were advertising fewer positions, they had not significantly increased job cuts.
Total separations, which include layoffs, quits and other departures from employment, were broadly unchanged at around 5.1 million. The separations rate stood at 3.2 per cent.
Workers’ voluntary quits also remained steady at around 3.1 million, while the quits rate was unchanged at 1.9 per cent. The quits figure is closely watched as an indicator of workers’ willingness or ability to leave existing jobs for new opportunities.
More from BusinessThe Bureau of Labour Statistics said quits declined in wholesale trade and state and local government education, while they increased in nondurable goods manufacturing and private educational services.
The July job openings figure was revised upward by 64,000 to 7.335 million. July hiring was also revised higher by 92,000 to 5.146 million, while total separations were revised upward by 56,000 to 5.1 million.
Overall, the latest JOLTS data points to a US labour market in which vacancies are declining, but employers have yet to resort to widespread layoffs.
