JOLTS Job Openings Drop to 7.27M vs 8.2M Expected
Job openings fell to 7.27 million in July, well below the Bloomberg consensus of 8.2 million and down from the prior 8.1 million reading. Hires also softened to 5.05 million against expectations of 5.6 million. This is not a small miss. The labor market is cooling faster than analysts expected, and the data points to accelerating weakness in labor demand.
Key Takeaways Job openings dropped to 7.27 million in July versus an 8.2 million consensus expectation. Hires declined to 5.05 million against expectations of 5.6 million, down from 5.5 million in June. The quits rate fell to 3.056 million from 3.213 million, signaling declining worker confidence. Treasury yields declined on the print as tra…
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