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Job Openings Decreased, Separations Increased in July
Key Findings
Job openings decreased by 1.8 million to 10.1 million. This is the largest monthly decline since April 2020.
Separations increased by 72,000 to 5.9 million. This increase was due to both quits and layoffs.
The quits rate, a measure of voluntary job turnover, increased by 0.1 percentage points to 2.7%. This is the highest quits rate since December 2021.
What Do These Findings Mean?
These findings suggest that the labor market is starting to cool. This is in line with the Federal Reserve's goal of bringing down inflation. However, it is important to note that the labor market is still very tight. There are still more job openings than there are unemployed workers. This means that workers still have a lot of bargaining power.
What Should Employers Do?
In order to attract and retain workers in this competitive environment, employers should focus on offering competitive salaries and benefits. They should also consider offering flexible work arrangements and other perks.
What Should Job Seekers Do?
Job seekers should continue to be confident in their search. There are still many job openings available, and the labor market is still in their favor. However, they should be prepared to negotiate for the salary and benefits they want.
