Job openings fall as the U.S. economy shrinks – ilmhunt

Job openings fall as the U.S. economy shrinks – ilmhunt


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American employers posted the fewest job openings in June as the economy grappled with raging inflation and rising interest rates.

Job openings fell to 10.7 million in June from 11.3 million in May, the Labor Department said Tuesday. In the opening of its monthly Labor Turnover Survey, the Department of Labor said that the number of Americans quitting their jobs decreased slightly in June while layoffs fell.

“This data points to an inflection reaching the number of job openings after 6 consecutive months above 11. [million]”Peter Boockvar, chief investment officer with Bleakley Financial Group, said in the report.

The job market has been resilient so far this year: Employers have added an average of 457,000 jobs a month in 2022; and unemployment is close to a 50-year low. That is the reason many economists believe that the economy is not yet in recession even though gross domestic product, the broadest measure of economic output, has. contracted for two quarters in a row – a rule of thumb for the beginning of a downturn.

The US economy is shrinking again, raising fears of a recession


But some analysts say that job growth alone is an unreliable indicator of a downturn, noting that hiring often remains strong in the early stages of a recession.

For example, in the three months just before the recession caused by the housing crash that began in December 2007, the Labor Department’s monthly payroll survey showed the economy gained nearly 300,000 jobs per month, Albert Edwards of Societe Generale Cross Asset Research pointed out in a report. .

The Labor Department’s employment report for July, out Friday, is expected to show that employers added 250,000 jobs last month, which would be a healthy number in normal times but would be the lowest since December 2020. Economists also expect unemployment to remain at 3.6% for the fifth straight month, according to a survey by data firm FactSet.

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Job openings fall as the U.S. economy shrinks – ilmhunt

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