WASHINGTON: US job openings fell to a 1-1/2-year low in August and hiring declined, suggesting employment growth was slowing largely because of ebbing demand for labour as the economy loses momentum.
"The labour market is slipping a little, but it's not flashing any recession signals yet," said Chris Rupkey, chief economist at MUFG in New York."You can't have a recession with seven million help wanted signs posted up in factory and store windows around the country." "Although we only have data for the two prior recessions, on both occasions there was a decline in the job openings rate before the onset of recession," said John Ryding, chief economist at RDQ Economics in New York.
The three-month average gain in private employment fell to 119,000, the smallest since July 2012, from 135,000 in August. There were 1.17 unfilled jobs for every unemployed person in August. With the labour market slowing, the number of workers voluntarily quitting their jobs dropped to 142,000 to 3.5 million in August.
August's gain matched July's increase, suggesting inventory investment could remain a drag on economic growth in the third quarter. The pace of inventory accumulation has been slowing after stocks increased strongly from the third quarter of 2018 through the first quarter of this year.
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