Job Openings Rise Sharply In July

Job openings were up sharply in July, to 5.753 million from an upwardly revised 5.323 million in June. The job openings rate rose to 3.9 percent in July following three prior months at 3.6 percent. Professional & business services, which is considered to be a leading component for total employment, led the gains with a 122,000 increase followed by accommodation & food services at 82,000 and retail at 77,000. Despite the rise in openings, the number of hires edged lower to 4.983 million from June's 5.182 million. The quits rate, which is watched as an indication of worker confidence, was unchanged for a fourth month at 1.9 percent. The rise in openings could definitely be cited by the hawks at next week's FOMC as a further indication of tightness in the labor market.