New government data reveal that the number of job openings in the United States fell by more than 1 million between July and August, a far sharper drop than forecasters expected and a sign of cracks in the labor market.
The Bureau of Labor Statistics (BLS) said in a report on Oct. 4 that the number of job vacancies on the last day of August was just over 10 million.
Forecasters were expecting around 10.5 million job openings in August, which would have been a more modest retreat from 11.2 million in July.
“Big miss in job openings,” noted Alfonso Peccatiello, former portfolio manager for ING Deutschland and now author of the newsletter Macro Compass, in a statement on Twitter….