Job openings in the US gained for the third month in a row in July as the labor market continued its steady climb from pandemic-induced lows., or JOLTS, survey data.On a less encouraging note, the pace of hires fell to 4.1% from 5.1% in July. The reading brings the US hiring rate close to its pre-pandemic level while millions of Americans remained jobless.Job openings in the US jumped more than expected in July as the labor market's recovery from the coronavirus pushed forward.
"These changes in the labor market reflected an ongoing resumption of economic activity that had been curtailed due to the coronavirus pandemic and efforts to contain it," the Labor Market said in the report. The ratio of jobs-to-unemployed Americans remained at worrying levels. July saw roughly 14.9 million unemployed workers vying for the 6.6 million openings, or about 2.3 workers competing for each vacancy. The trend marks a sharp reversal from when the labor market touted more openings than unemployed Americans.
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