With Wall Street on edge about Friday’s jobs report for August—the first since July’s shocker, which included a massive downwards revision of jobs growth for May and June—it got another jolt on Wednesday. The JOLTS survey, a closely watched indicator of job openings and quits, confirmed the U.S. economy now has the fewest job openings in nearly a year, a clear sign that hiring momentum continues to cool.
Job openings for July noticeably slid to 7.18 million, down from June’s (revised downward) 7.36 million and sharply lower than consensus expectations. The openings rate also edged down to 4.3% as businesses scale back recruiting amid growing economic uncertainty. The most impacted industries include health care, arts and recreation, and mining, while regional drops were led by the South and Northeast.
