- Gene Blevins/Reuters
The number of jobs available in August declined more than expected, to 5.37 million from 5.75 million in July.
Expectations were for the latest JOLTS report to show job openings totaled 5.6 million in August, down slightly from the 5.75 million openings that were available in July. July’s number was revised down slightly to show 5.67 million jobs were available that month.
The August jobs report showed the economy added 173,000 jobs while the unemployment rate fell to 5.1%.
The number of hires in August totaled 5.1 million, according to the JOLTS report.
Friday’s report showed that the quits rate held steady at 1.9% for the fifth month in a row.
JOLTS, though it’s reported on a significant lag, has been widely cited as a measure of how much slack remains in the economy, as the uptick in job openings has been viewed as a sign the balance of power in the labor market is shifting towards employees rather than employers.