Job vacancies, quits plunge in July in stark sign of cooling trend in the US labor market

The number of job vacancies dropped to 8.8 million last month, the Labor Department said Tuesday, the fewest since March 2021 and down from 9.2 million in June. Yet the drop appeared to be even steeper because June's figure was initially reported as 9.6 million. That figure was revised lower Tuesday.

“While it might take more time, more applications, and stronger job interview performances to land a job than it did in 2021 and 2022, there are still plenty of jobs going unfilled,” said Julia Pollak, chief economist at ZipRecruiter. A separate report Tuesday also showed that consumers were less confident in the economy last month, a trend that could cool consumer spending in the coming months.

Evidence that the economy is slowing, on top of a steady decline in inflation from its peak of 9.1% in June 2022 to 3.2% last month, could prompt the Fed to skip a rate hike at its next meeting in September.

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Job vacancies, quits plunge in July in stark sign of cooling trend in the US job marketWASHINGTON (AP) — Businesses posted far fewer open jobs in July and the number of Americans quitting their jobs fell sharply for the second straight month, clear signs that the labor market is cooling in a way that could reduce inflation.
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