US economy had more job openings than expected in July

According to the latest job vacancies and turnover survey (JOLTS), the number of open vacancies unexpectedly increased in July, with about 11.2 million vacancies available, slightly up from the revised total of 11 million in June. The June amount was revised up by about 300,000 items.

The number of vacancies reached a record high of 11.86 million in March of this year, as of December 2000.

According to the data, there were about two vacancies per applicant in July, compared to 1.8 in June. That’s not what the Federal Reserve was hoping for: The Fed is viewing a near-record number of job openings as helping to raise wages, which is seen as a catalyst for inflation.

The total number of hired and fired employees decreased slightly compared to June. Just under 6.4 million people were hired in July, about 74,000 less than in June. The number of workers who left their jobs was 4.18 million compared to 4.25 million in June.

The number of layoffs has not changed and amounted to 1.4 million people.

“The vacancy rate per unemployed person monitored by the Federal Reserve has risen to 1.98,” said Ann Elizabeth Konkel, Senior Economist at Indeed Hiring Lab. “Given that the Federal Reserve wants this rate to fall, today’s growth is not the direction they were hoping for. Moreover, this increase highlights that some employers will continue to face recruitment challenges. the workers are still strong.”

This story is evolving and will be updated.

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