America is in a serious jobs slump
7 days ago
- #employment trends
- #JOLTS report
- #labor market
- Employment gains were weak in the July jobs report, leading President Trump to fire the head of the bureau collecting the data, claiming it was rigged.
- Job openings fell to 7.18 million in July, below the number of unemployed workers (7.2 million) for the first time since April 2021.
- Economists expected job openings to shrink slightly to 7.37 million, but the actual figure was lower.
- The JOLTS report indicates a cooling labor market with stagnant hiring and low layoffs.
- Key industries driving employment growth, like health care and leisure/hospitality, saw declines in job openings.
- Job openings increased in wholesale trade, construction, and federal government sectors.
- Hiring remained flat in most sectors, with slight gains in 'other services' and wholesale trade.
- The August jobs report is expected to show tepid job gains of 80,000 and a steady unemployment rate of 4.2%.