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Tuesday, September 26, 2023

Job openings drop more than expected in July to 2-year low

Former Federal Reserve Governor Kevin Warsh provides insight on the U.S. central bank’s economic policies on “Kudlow.”

U.S. job openings tumbled in July to the lowest level in more than two years, the latest evidence that the Federal Reserve's interest-rate hike campaign is continuing to cool the once red-hot labor market. 

The Labor Department said Tuesday there were 8.8 million job openings in July, a decline from the 9.1 million openings reported the previous month. Economists surveyed by Refinitiv expected a reading of 9.46 million.

It marked the lowest level for job openings since March 2021. 

Still, job openings remain historically high. Before the COVID-19 pandemic began in early 2020, the highest on record was 7.6 million. There are roughly 1. 5 jobs per unemployed American. 

This is a developing story. Please check back for updates.

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