Fewer Americans also quit, with 3.5 million people leaving their jobs last month, down from 3.8 million in June.
The number of job vacancies dropped to 8.8 million last month, the Labor Department said Tuesday, the fewest since March 2021 and down from 9.2 million in June.July’s figure was still healthy historically — before the pandemic the number of openings had never topped 8 million.
“While it might take more time, more applications, and stronger job interview performances to land a job than it did in 2021 and 2022, there are still plenty of jobs going unfilled,” said Julia Pollak, chief economist at ZipRecruiter. Most Americans quit work for other, better-paying jobs, and during and after the pandemic there was a big spike in quitting as workers sought higher pay and benefits elsewhere. last month, a trend that could cool consumer spending in the coming months.
Evidence that the economy is slowing, on top of a steady decline in inflation from its peak of 9.
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