WASHINGTON–The Fed’s ongoing campaign to raise rates and cool the economy appears to be working, as new data from the Labor Department show job openings declined by 338,000 to a seasonally adjusted 8.8 million in July from the prior month.
That number marks the lowest level since March 2021, although it remains well above prepandemic levels and the 5.8 million unemployed people in July.
The Job Openings and Labor Turnover Survey also showed the number of people quitting their jobs, a measure of workers’ confidence in the job market, continued to slowly decline in July, as well.
Overall, the labor market remains strong, with unemployment at 3.5% in July, near a 50-year low. The number of layoffs was unchanged at 1.6 million last month. The new data also show wages continue to grow faster than inflation, which is helping to boost consumer spending.
War for Talent Cools
As CUToday.info has reported, the new numbers reveal wage growth and hiring have slowed over the summer, and the war for talent has cooled a bit, including at credit unions.
The Labor Department reported that in July job openings increased in the information and transportation and warehousing industries, while declining in the professional and business services, healthcare and government sectors.
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