JOLTS Report Shows Labor Market Remains Tight
Openings and turnover remain high, despite slight decline in August
The Job Openings and Labor Turnover Survey (JOLTS) released by the Bureau of Labor Statistics (BLS) on Tuesday showed that the labor market remains tight, with job openings and labor turnover remaining high despite a slight decline in August.
The number of job openings fell by 1.1 million to 10.1 million in August, but this is still well above the pre-pandemic level of 7.4 million. The number of hires also declined, but the quits rate remained elevated at 2.9%, indicating that workers are still confident in their ability to find new jobs.
The JOLTS report is a key indicator of the health of the labor market, and the latest data suggests that the market remains tight. This is good news for workers, who are likely to continue to see strong wage growth in the coming months. However, it is also a challenge for employers, who are struggling to find and retain workers.
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