US job openings fall to five-month low in August; layoffs remain subdued

The number of job openings fell by 256,000 to 7.079 million on the last business day of August, from a revised 7.335 million in July, according to seasonally adjusted data in the Bureau's Job Openings and Labor Turnover Survey (JOLTS).

The August level was the lowest since March. The job openings rate also declined to 4.3 per cent from 4.4 per cent in July.

The decline in vacancies pointed to softer demand for workers, though the broader labour market continued to show resilience as layoffs remained low and hiring edged higher.

The number of hires rose by 46,000 to 5.192 million in August from 5.146 million in July. The hires rate stood at 3.3 per cent.

At the same time, layoffs and discharges fell by 61,000 to 1.641 million from 1.702 million in July, indicating that employers were largely holding on to their existing workforce despite fewer available positions.

"The number and rate of layoffs and discharges changed little at 1.6 million and 1.0 percent, respectively, in August," the Bureau of Labor Statistics said.

Total separations, which include quits, layoffs and other departures from employment, remained unchanged at around 5.1 million, with the separations rate at 3.2 per cent.

The number of workers voluntarily quitting their jobs was also unchanged at around 3.1 million, while the quits rate remained at 1.9 per cent.

Quits are closely watched as an indicator of workers' willingness or ability to leave their existing jobs for other opportunities.

The Bureau said quits declined in wholesale trade and state and local government education, while they increased in nondurable goods manufacturing and private educational services.

The July job openings figure was revised upward by 64,000 to 7.335 million. Hires for July were revised up by 92,000 to 5.146 million, while total separations were revised higher by 56,000 to 5.1 million.

The latest JOLTS data therefore pointed to a US labour market where employers were advertising fewer vacancies but had not moved towards widespread job cuts. (ANI)