August Job Openings Down Sharply

In the first of four major jobs reports this week, the Bureau of Labor Statistics reported job openings plunged by more than 10 percent in August—a sign that the U.S. labor gap is starting to normalize.

The BLS Job Openings and Labor Turnover Survey—commonly known as JOLTS—reported job openings decreased to 10.1 million on the last business day of August, down by 1.1 million from July—the biggest one-month decline since April 2020. Largest decreases in job openings were in health care and social assistance (-236,000), other services (-183,000) and retail trade (-143,000).

BLS reported hiring was little changed at 6.3 million, and the rate was unchanged at 4.1 percent. Meanwhile, total separations—including quits, layoffs and discharges and other separations—rose by 182,000. Quits rose by 100,000 in August to 4.16 million.

This morning (8:30 a.m. ET) sees the monthly ADP National Employment Report. On Thursday (8:30 a.m. ET), the Labor Department releases its weekly Initial Claims report. Ane on Friday (8:30 a.m. ET), BLS releases its monthly Employment Situation report for August.

MBA Chief Economist Mike Fratantoni will provide commentary and analysis on the Friday jobs report in the Monday, Oct. 10 edition of MBA NewsLink.