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Is the worst of the tight labor market over?

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The number of hires rose by 0.6% month over month

According to seasonally adjusted numbers released by the US Bureau of Labor Statistics, the number of job openings in the US fell by approximately 1.1 million, or 10.0%, in August from July. Total job openings was 10.0 million in August, the lowest number since June 2021.

Year over year, the number of job openings was down 5.4%.

Robert Frick, Corporate Economist at Navy Federal Credit Union said: “Job openings took a major dive in August, falling by more than about 1 million, but they still total more than 10 million. That and other data point to a jobs market that’s still challenging for employers. But judging by the drop in openings and the high number of Americans who entered the labor force in August, almost 900,000, the worst of the tight labor market is over.”

The number of hires rose by 0.6% month over month, while the number of separations rose 3.1%.

BLS data showed that quits — which are included in separations and are voluntary on the part of employees — fell by 1.2% in August compared to July but were up 3.6% year over year. Layoffs and discharges (involuntary separations), however, rose 7.9% in August compared to July, with the number up 0.9% year over year.

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