US August JOLTS job openings fall to 7.079 million, signaling labor market weakness
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The US Bureau of Labor Statistics reported that August JOLTS job openings came in at 7.079 million, down from 7.335 million in July and below expectations, marking the lowest level since March. The ratio of job openings to unemployed workers worsened to 1.01 from 1.06 in July, pointing to weakness in the labor market. The number of voluntary quits fell by 23,000 from August to 3.066 million, the lowest since April, evidence that workers' confidence in the market has weakened. Meanwhile, hires rose by 46,000 to 5.192 million from 5.146 million in August, while layoffs fell by 61,000 to 1.64 million. The Conference Board's September consumer confidence index also suggested labor market weakness, as the gap between those saying jobs are "plentiful" at 23.6 and those saying jobs are "hard to get" at 21.9 narrowed to 1.7, the lowest in five and a half years. Some observers note that if the unemployment rate rises in the September employment report, the Federal Open Market Committee may leave the policy interest rate unchanged at its October meeting.