Job Market Shows Signs of Weakening as Consumers Turn Gloomy (US News)


    Job Market Shows Signs of Weakening as Consumers Turn Gloomy – By Tim Smart (US News) / Aug 29, 2023

    A mix of economic reports suggest a slowing economy.

    The number of job openings fell to 8.8 million at the end of July, down from the prior month’s revised 9.1 million in a sign that the economy is downshifting, the Labor Department reported on Tuesday.

    The drop brings the number about 2.5 million below the 11.4 million available jobs of a year ago.

    Openings fell in professional and business services, down 198,000; health care and social assistance, off by 130,000; and state and local government, including education, where the combined losses totaled 129,000. There was a strong increase in information industry jobs, up by 101,000; and in transportation, warehousing and utilities, where openings increased by 75,000.

    “Now it is taking a bit longer for jobseekers to find a job,” said Julia Pollak, chief economist for ZipRecruiter. “There’s meaningful slack in the job market, but it is still a historically tight job market. Overall, I still see the U.S. labor market as understaffed.”



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