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Job openings tumble, layoffs up as red-hot job market cools

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New data indicates that there was a drop in job openings in August, but the job market remains strong compared to historical averages.

The number of job openings dropped 10 percent in August, indicating that the red-hot job market may be cooling down.

But the quits rate, which measures how many people quit their job in a given month, remained at 2.7%, slightly higher than the rate in July. “To replace a top producer costs the company a tremendous amount of money,” said Stacie Haller, an expert with ResumeBuilder.com. “It could take up to a year to replace that person by the time the company hires someone and they get trained, and that’s even if they decide to stay.”Ninety percent of companies plan a return to the office in the next year, according to a recent ResumeBuilder survey.

“Yes, companies apparently want everybody to come back in six months,” said Haller. “But I’m not sure the reality is going to be there, because there are many challenges.”

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