Key Points:
- The number of available jobs since May 2021 continues to outnumber Americans looking for work, but the margins are shrinking.
- Job openings fell by 338,000 to 8.8 million in July, far below consensus of 9.5 million.
- Job openings increased in information (+101,000) and in transportation, warehousing, and utilities (+75,000).
- Job openings decreased in professional and business services (-198,000), health care and social assistance (-130,000), state and local government, excluding education (-67,000), state and local government education (-62,000), and federal government (-27,000).
- The U.S. added 187,000 jobs in July and there were 5.8 million people unemployed, down from 6.0 million in June.
- In July, the number and rate of hires changed little at 5.8 million and 3.7 percent, respectively. The number of hires changed little in all industries.
- Within separations, the number of quits decreased to 3.5 million, and layoffs and discharges changed little at 1.6 million.
- The number of quits declined in accommodation and food services (-166,000), wholesale trade (-27,000), and arts, entertainment, and recreation (-17,000).
- The number of quits increased in state and local government education (+18,000).
- Layoffs and discharges changed little in all industries.
- The labor force participation rate was unchanged over the month at 62.6% in July and remains 0.7% below its February 2020 level.
- The Right Facts will continue to monitor unemployment and job openings.