U.S. job openings fell more than expected in August, reaching their lowest level in five months as employers reduced available positions across several major industries, according to data from the U.S. Bureau of Labor Statistics.
The number of available positions declined by 256,000 to 7.079 million, from an upwardly revised 7.335 million in July. Economists had expected about 7.23 million openings.
The decline provides another indication that labor demand is moderating, although hiring, quits and layoffs showed little change during the month.
Health Care and Professional Services Lead Decline
Job openings decreased across several sectors in August. Health care and social assistance recorded 115,000 fewer openings, while professional and business services declined by 119,000.
Manufacturing openings fell by 54,000, construction by 48,000, real estate and rental and leasing by 45,000, and wholesale trade by 36,000.
The weakness was also visible across much of the country. Openings declined by 243,000 in the West, 78,000 in the Northeast and 6,000 in the Midwest.
The South moved in the opposite direction, recording an increase of 71,000 openings.
Hiring and Layoffs Remain Relatively Stable
Despite the decline in available positions, other measures of labor-market activity were broadly unchanged.
Employers made about 5.2 million hires during August, while total separations remained at approximately 5.1 million.
Within separations, the number of workers voluntarily leaving their jobs held at 3.1 million, while layoffs and discharges were essentially unchanged at 1.6 million.
The combination of fewer openings and relatively stable hiring and layoffs suggests that employers reduced their demand for additional workers during August without a comparable increase in job cuts.
The latest figures come as investors assess the strength of the U.S. labor market alongside inflation and economic growth data ahead of upcoming Federal Reserve decisions.
