U.S. Labour Market Shows Lower-Than-Projected JOLTS Figures
The U.S. Bureau of Labor Statistics has released its latest report on the nation's job market for July 2023.
In July, the number of job openings in the U.S. stood at 7.2 million, a decrease of 13,000 compared to the previous month. This figure includes various sectors, with the mining and logging industry seeing a decrease of 13,000 openings, while other services experienced an increase of 86,000. However, the arts, entertainment, and recreation sector saw a decrease of 62,000 job openings.
In terms of hires, July saw a total of 5.3 million, with the rate of hires standing at 3.3 percent. The number of hires in other services also increased, indicating a positive trend in this sector.
The rate of job openings in July was 4.3 percent, a slight decrease from the previous month. This figure, known as the Job Openings and Labor Turnover Survey (JOLTS) figure, was lower than the forecast of 7.380 million, with the actual figure coming in at 7.181 million.
The data from July only provides limited information about the upcoming major U.S. labor market data from August. However, the preliminary report from the Bureau of Labor Statistics suggests that the number of job openings in August 2025 is expected to be approximately 7.2 million, showing little change from July.
In addition to job openings and hires, the report also provides data on separations. The total separations in the U.S. in July were 5.3 million, with layoffs and discharges accounting for 1.8 million. The number of quits in July was 3.2 million, indicating a high level of voluntary job changes.
The data from July is from the U.S. labor market and provides a snapshot of the current employment situation. It's important to note that this data is subject to revisions as more information becomes available. For instance, the previous month's JOLTS figure (June) has been revised down from 7.437 million to 7.357 million.
As we look forward to August, the job market will continue to be a key area of focus for policymakers and businesses alike. The upcoming major U.S. labor market data from August is expected to provide a more comprehensive picture of the current employment situation and any potential trends.
