Job openings slumped to their lowest level in three and a half years in July, the Labor Department reported Wednesday in another sign of slack in the labor market.showed that available positions fell to 7.67 million on the month, off 237,000 from June's downwardly revised number and the lowest level since January 2021.With the decline, it brought the ratio of job openings per available worker down to less than 1.1, about half where it was from its peak of more than 2 to 1 in early 2022.
While the job openings level declined, layoffs increased to 1.76 million, up 202,000 from June. Total separations jumped by 336,000, pushing the separations rate as a share of the labor force up to 3.4%. However, hires rose as well, up 273,000 on the month, putting the rate at 3.5% or 0.2 percentage point better than June.
The report comes two days ahead of the pivotal August nonfarm payrolls count that the Labor Department will release Friday. The report is expected to show an increase of 161,000 and a tick down in the unemployment rate to 4.2%.customs and border protection