US Job Openings Decline in July

Investing.com — US job openings were lower than anticipated in July, indicating an ongoing but gradual slowdown in the labor market of the world’s largest economy.

Job openings, which serve as a proxy for labor demand, fell to 7.673 million on the last business day of July, according to the Bureau of Labor Statistics’ Job Openings and Labor Turnover Survey (JOLTS) report.

Economists had projected 8.090 million, while the June figure was revised downward to 7.910 million from 8.184 million.

Wednesday’s reading serves as a precursor to the much-anticipated nonfarm payrolls report due out on Friday. This data will likely influence how Fed Chair Jerome Powell approaches a shift from focusing on taming inflation to preparing for job losses.

Powell stated in August that the “time has come” to adjust monetary policy due to potential “downside risks” facing the US job market.

According to the CME’s closely monitored FedWatch Tool, analysts are nearly certain that the Fed will implement a 25-basis point reduction in borrowing costs at the central bank’s upcoming two-day meeting from Sept. 17-18. Currently, interest rates are at a 23-year high of 5.25% to 5.5%.