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The U.S. job market was stable in August 2024 with the job openings remaining steady at 8 million on the last business day, as reported by the U.S. Bureau of Labor Statistics. The number of hires and total separations, including quits and layoffs, also showed minimal change, reflecting a consistent labor environment.
The job openings rate stood unchanged at 4.8 percent over the month. Notably, the construction sector and state and local government (excluding education) saw job openings increase, adding 138,000 and 78,000, respectively. However, a decrease was observed in other services, which shed 93,000 job opportunities.
Hires in August remained consistent at 5.3 million, with the hiring rate also showing no significant variation at 3.3 percent. This consistency underscores a balanced hiring landscape across various sectors.
Total separations, which include quits, layoffs, and other types of separations such as retirements and transfers, were little changed at 5.0 million, with the overall separation rate dipping slightly to 3.1 percent. The professional and business services sector experienced an increase in separations, while accommodation and food services, along with state and local government (excluding education), saw reductions.
The month of August saw a decrease in the number of quits to 3.1 million, indicating a slight downturn in employees voluntarily leaving their jobs. Conversely, layoffs and discharges remained stable at 1.6 million, with a minor decline noted in the health care and social assistance sectors.
In conclusion, the U.S. labor market in August showed a steady state with minimal fluctuations in job openings, hires, and separations, pointing to a labor market that is navigating through economic variables with resilience.
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