Job Openings Dropped by Over 1.1 Million in August

Job Openings Dropped by , Over 1.1 Million in August.

CNBC reports that on Oct.

4, the Bureau of Labor Statistics revealed that the number of available jobs in America dropped 10% in August compared to July.

.

It was the biggest decline in jobs over the course of a month since April 2020.

It was the biggest decline in jobs over the course of a month since April 2020.

The number of people who quit their jobs rose by 100,000.

The number of people who quit their jobs rose by 100,000.

Job openings took a major dive in August, falling by more than about 1 million, but they still total more than 10 million.

That and other data point to a jobs market that’s still challenging for employers.

, Robert Frick, corporate economist at Navy Federal Credit Union, via CNBC.

But judging by the drop in openings and the high number of Americans who entered the labor force in August, almost 900,000, the worst of the tight labor market is over, Robert Frick, corporate economist at Navy Federal Credit Union, via CNBC.

The tight labor market remains a concern for the Federal Reserve as it continues to battle inflation.

The tight labor market remains a concern for the Federal Reserve as it continues to battle inflation.

But the Fed's continual rate increases have had little effect on the job market thus far.

While average hourly earnings increased 5.2% from Aug.

2021 to Aug.

2022, after being adjusted for inflation, actual earnings dropped 2.8%.

While average hourly earnings increased 5.2% from Aug.

2021 to Aug.

2022, after being adjusted for inflation, actual earnings dropped 2.8%