In August, the number of open jobs fell to just under 10.1 million, about 1.1 million fewer than in July but still leaving 1.7 jobs available per unemployed worker, CNBC noted.

Employers announced plans to hire another 380,014 workers, the smallest monthly total since April 2020 when the COVID lockdowns began, the fewest in any August since 2011 during the Great Recession, and the second-largest reduction since 2002, the Financial Times noted.

The number of workers who quit their jobs held steady at about 4.2 million, slightly above pre-COVID levels.

Although the number of “quits” has been trending down in recent weeks, the current rate indicates that workers seeking something better remain confident of finding it, analysts told the Financial Times.

The declining number of job openings “shows some clear signs that the job market is cooling,” economist Daniel Zhao at Glassdoor, an employment website, said to the FT.

TREND FORECAST: Fewer open jobs means less people are working and contributing to the economy.  And the fewer people in the workforce means lower consumer spending… which accounts for two-thirds of the U.S. Gross Domestic Product. 

However, overall, as economic conditions deteriorate and inflation stays high, those out of work and seeing their lives going down and out, will seek work. Therefore, the unfilled job openings will shrink. Overall, however, considering the dire global economic climate, the ranks of the jobless will grow.

Comments are closed.

Skip to content