JOLTS: Job Openings Miss Badly as Labor Market Cools
Job openings collapsed to 7.3 million in July, missing the 8.2 million consensus by a wide margin. The 11% month-over-month decline from June's 8.1 million reading signals accelerating weakness in labor demand. Labor market cooling is now unmistakable.
Key Takeaways Job openings: 7.3M vs 8.2M consensus (11% MoM decline) Hires: 5.1M vs 5.6M consensus (-0.5M miss) Prior reading: 8.1M job openings in June Labor market deterioration supports Fed maintaining current policy stance Hiring activity also disappointed, falling to 5.1 million against expectations for 5.6 million. This marks the third consecutive monthly decline in hires, a trend not seen since the 2020 recession. Companies are clearly p…
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