Summary
Recent job market data shows that the number of job openings has decreased, and more people are unemployed compared to job openings. This points to a weakening job market, with significant revisions showing more firings and layoffs than previously reported.
Key Facts
- The number of unemployed people exceeded job openings in July for the first time in four years.
- Job openings fell by 176,000 in July, bringing the rate to 4.3%, the lowest since mid-2020.
- June's data was revised to show 192,000 more firings and discharges than initially reported.
- The July job openings to unemployed people ratio dropped to 0.99.
- There was a significant drop in job openings in the health care sector.
- The hiring rate remained stable, as did the rates of voluntary job quitting and layoffs.
- The pattern of negative revisions suggests weaker conditions for employers who report late.
- Upcoming employment and inflation data will inform Federal Reserve decisions on interest rates.
