Former Trump administration economist Stephen Moore has analyzed what that could mean for the macroeconomy if job growth has been significantly overestimated.
U.S. job openings fell more than expected in July to the lowest level in more than three years, the latest evidence of a cooling labor market.
U.S. job openings fell to the lowest level in more than three years in July. (Leonardo Muñoz/VIEWpress/Getty Images)
The Department of Labour's Job Vacancies and Labour Mobility Survey (JOLTS) report, released on Wednesday, showed 7.6 million job vacancies in July, the lowest level since January 2021 and below the 8.1 million expected by economists surveyed by LSEG.
Consumer confidence hits six-month high, but labor market concerns grow
The report also revised down the number of job openings in June by 274,000 to 7.9 million, while the number of people hired in the same month was revised down by 93,000 to 5.2 million.
Crossmark chief market strategist Victoria Fernandez reacts to the Department of Justice's subpoena to NVIDIA in its antitrust investigation and provides an overview of expected economic data.
Layoffs also rose in June, with the number revised up by 62,000 to 1.6 million.
Fed's Barkin warns that U.S. companies' 'fire-reduction' approach could lead to more layoffs
The data points to a slowdown in the labor market, increasing the likelihood and size of a widely expected interest rate cut by the Federal Reserve this month.
Federal Reserve Chairman Jerome Powell speaks at a press conference following the Federal Open Market Committee meeting at the Federal Reserve Board in Washington, DC on July 31. (Roberto Schmidt/AFP via Getty Images/Getty Images)
Click here to get FOX Business on the go
“The JOLTS report was another negative surprise on the state of the U.S. economy,” said Mark Hamrick, senior economic analyst at Bankrate. “It reinforces our current view of a softening job market, with hiring slowing and the unemployment rate rising.”
