Job openings rebound in August, but turnover settling down
|Summary
Job openings have fallen over 20% since their peak last spring, but the jump in vacancies in August to 9.6 million suggest demand for labor is easing less rapidly than indicated by recent months' data. While openings remain far higher than the previous cycle peak, worker turnover suggests the jobs market is indeed settling down. The hiring rate and quit rate have returned to pre-pandemic levels, with improved retention helping to keep a lid on wage growth ahead. Yet layoffs also remain exceptionally low—consistent with the recent run of initial jobless claims—while the rate of quits and openings signal that, though the jobs market may be directionally weaker, it remains strong in an absolute sense.
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