U.S. job openings unexpectedly jump in July, defying labor market slowdown fears

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Employers had a historically high number of job openings in July, according to new government data — the latest sign of the ongoing voracious demand for workers. Go deeper:

There were 11.2 million job openings in July, slightly more than in June. Most sectors continued to post more jobs than they did in June.

Durable goods manufacturing was among the few industries with decreasing job openings, a possible byproduct of the demand slowdown for these products. The number of open jobs for every unemployed worker ticked back up to 2, an unprecedented phenomenon before the pandemic hit.The Fed's best-case scenario is to slow demand by bringing down the level of job openings, without causing a big rise in unemployment. But current job openings are cutting against the central bank's strategic grain.: July's labor market dynamics were remarkably similar to that of months past.

 

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