U.S. job openings and hiring both slowed in August
The U.S. job market remains strong, with more job openings than unemployed people seeking a job, but companies are starting to put some hiring plans on hold.
The big picture: The U.S. had 7.05 million job openings at the end of August, the Labor Department reported on Wednesday, but after torrid increases over the past 2 years, the number of jobs businesses have to offer is beginning to turn lower, but not because firms are filling the positions.
- The Labor Department's job openings and labor turnover survey, or JOLTs, showed the number of job openings was 4.4% lower than it was a year earlier, falling for the third straight month.
- The total number of workers hired to new jobs also was lower in August than in the same month in 2018.