Job Openings Slip to 7.1 Million in August as Hiring Stays Slow: What Job Seekers Should Know

Employers posted fewer openings, and workers are staying put. Here is what a steady but quieter job market could mean for your paycheck and your job search.

The number of open jobs in the U.S. dipped in August, according to a government report released on Tuesday, September 29. The Bureau of Labor Statistics (BLS), part of the Labor Department, said job openings were "little changed" at about 7.1 million (7.079 million), down 256,000 from July.

Economists had expected about 7.23 million openings, according to MT Newswires. July's total was about 7.34 million.

What the JOLTS report measures

The report is called the Job Openings and Labor Turnover Survey, or JOLTS for short. Each month it tracks how many jobs employers are trying to fill, how many people were hired, how many quit, and how many were laid off.

Here are the main August numbers from the BLS:

• Job openings: about 7.1 million, with the openings rate unchanged at 4.3%
• Hires: about 5.2 million, little changed
• Quits: about 3.1 million, unchanged, for a quits rate of 1.9%
• Layoffs and discharges: about 1.6 million, essentially unchanged, for a rate of 1.0%

The BLS said the number of job openings was "little changed" overall, though some industries, such as professional and business services, saw fewer openings.

Why quits and layoffs matter

The number of people quitting their jobs is a useful clue about how confident workers feel. When quits are high, it usually means people believe they can find a better job. A steady, lower quits rate suggests many workers are choosing to stay where they are.

Layoffs, on the other hand, remain low. That means most people who have jobs are keeping them. In a speech the same day, New York Federal Reserve President John Williams said layoff rates are "near historic lows nationwide."

Put together, the picture is a job market that is not collapsing but is not very lively either: few people are being let go, but hiring and job-hopping are both quiet.

How people feel about jobs

Workers seem to sense the slowdown. A separate survey released the same day by The Conference Board found that 21.9% of people said jobs were "hard to get" in September, up from 20.3% in August. Only 23.6% said jobs were "plentiful."

What this means for your wallet

A slower job market can affect your money in a few ways, whether you are job hunting or happily employed:

• Job searches may take longer. With fewer openings, it could take more time to land a new role. Having a few months of expenses saved may make a search less stressful.
• Raises may be harder to negotiate by switching jobs. When fewer people quit, employers may feel less pressure to raise pay to keep workers. Documenting your wins at your current job could help when it is time to ask for a raise.
• Your skills are your safety net. Learning a new tool or earning a certificate may help you stand out when openings are tighter.
• Stay ready. Keeping your resume up to date and staying in touch with your network can help you move quickly if a good opportunity comes up.

The government's next big jobs report, which covers September hiring and the unemployment rate, is scheduled for Friday, October 2.