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The number of job openings in the US jumped to a record 5.871 million in July, according to the the Bureau of Labor Statistics.
Economists had forecast that the Job Openings and Labor Turnover Survey would show there were 5.63 million openings, up slightly month-on-month, according to Bloomberg.
The record number of job openings is one of the most cited statistics to demonstrate the labor-market’s strength, even as employers are not able to find enough skilled workers to fill the positions.
“The continued upward trend is welcome, and consistent with the NFIB jobs hard-to-fill measure hitting a new cycle high in August. That’s the single best survey-based measure of future wage pressures, and it screams upside risk for the foreseeable future,” said Pantheon Macroeconomics’ Ian Shepherdson in a note.
The quits rate rose to 2.1%, just short of the cycle high of 2.2% reached last December.
This rate is an indicator of how confident people are in finding new jobs soon after they resign, and is a preferred metric by Federal Reserve chair Janet Yellen.
There were 1.6 million layoffs and discharges in July, little changed from June and at a 1.1% rate.