America’s employers posted fewer job openings in July than they had the previous month, a sign that hiring could cool in the coming months.
A construction worker installs a safety railing on a new building in Philadelphia, Tuesday, Sept. 3, 2024. – America's employers posted fewer job openings in July than they had the previous month, a sign that hiring could cool in the coming months.
The July report on job openings is the first of several measures this week of the labor market's health that the Federal Reserve will be watching closely. If clear evidence emerges that hiring is faltering, the Fed might decide at its next meeting Sept. 17-18 to start cutting its benchmark interest rate by a relatively aggressive half-percentage point. If hiring remains mostly solid, however, a more typical quarter-point rate cut would be likelier.
On Friday, the week’s highest-profile economic report — the monthly jobs data — will be released. The consensus estimate of economists is that employers added 163,000 jobs in August and that the unemployment rate ticked down from 4.3% to 4.2%.— far fewer than expected and that the second-smallest total in 3 1/2 years — and the unemployment rate rose for a fourth straight month.
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