US Job Openings Rise to 8 Million in August, Reaching Three-Month High Amid Declining Quits and Hiring Rates

Oct 1, 2024, 02:15 PM

US job openings rose to 8 million in August, reaching a three-month high, according to the Bureau of Labor Statistics (BLS). This increase comes despite other data indicating a slowing demand for workers. The Job Openings and Labor Turnover Survey (JOLTS) report also showed that the quits rate fell to 1.9%, the lowest since June 2020, and the hiring rate declined to 3.3%, the lowest since 2013. Additionally, layoffs decreased from 1.713 million to 1.608 million. The quits rate for the leisure and hospitality industry reached a new cycle low, with a year-over-year decline of 1.4 percentage points, the largest drop since March 2020 and September 2009.