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August jobs report likely to point to slowing labor market

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The August jobs report, due Friday morning, is expected to show the labor market is finally slowing down due to higher interest rates and steep inflation.

dipped to 8.8 million at the end of July. It marked the lowest level for job openings since March 2021. began in early 2020, the highest on record was 7.6 million. There are roughly 1.5 jobs per unemployed American.

Jobseekers visit booths during the Spring Job Fair at the Las Vegas Convention Center Friday, April 15, 2022.The report also pointed to a decline in resignations, indicating that employees are growing less confident they can quit their jobs and find new ones. The data, combined with another report that showed hiring by private companies rose at the slowest pace in five months, painted a picture of a labor market that is finally beginning to cool ahead of the August payroll report's release.

"The labor market is cooling and is taking pressure off policymakers concerned with a second wave of inflation," said Jeffrey Roach, chief economist at LPL Financial. "Businesses should get some respite as inflation decelerates and the risk of quiet quitting dissipates."

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