Job Openings Drop Sharply

In downbeat indications on the labor market, job openings fell a sharp 7.3 percent in August to 5.443 million at the same time that hiring, instead of rising, slowed by 0.9 percent to 5.210 million. The openings number is the lowest since December last year while the hiring number is more respectable, ranking as the fourth highest so far this year. Turning to rates, job openings fell to 3.6 percent from the prior month's 3.9 percent while hiring held unchanged, also at 3.6 percent. Both rates are unchanged from a year ago. The separations rate fell to 3.4 percent from 3.5 percent with quits unchanged at 2.1 percent and layoffs unchanged at 1.1 percent. Though readings in this report remain healthy, the drop in openings and the lack of hiring are consistent with slowing jobs growth, as seen in both the August and September employment reports.