U.S. Job Openings Fall to 7.673 Million in July, Lowest Since February 2021, Missing 8.1M Estimate

Sep 4, 2024, 02:07 PM

The U.S. job market showed signs of weakening in July 2024 as job openings fell to 7.673 million, significantly below the expected 8.1 million. This represents a decline from 7.91 million in June and marks the lowest level since January 2021. The decrease of 237,000 job openings from the previous month was driven by reductions in sectors such as health care, state and local government, and transportation, although professional services and federal government saw increases. The data, which fell short of all estimates in a Bloomberg survey of economists, suggests a cooling labor market. The decline in job openings has been substantial since the peak in March 2022, with a drop of 4.51 million positions. The previous month's figure was revised down from 8.184 million, and the current level is the lowest since February 2021, marking a 3-1/2-year low.