Economy

Job openings top expectations even as rate of hiring slows

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Job openings rose 10% in July to a pandemic high even though the rate of hiring saw a sharp slump, according to a Labor Department report Wednesday.

The total for available positions hit 6.6 million for the month, above the 6 million expected from economists surveyed by FactSet. The estimate effectively would have been no change from the June total for the government’s Job Openings and Labor Turnover Survey, which runs a month behind the department’s nonfarm payrolls count.

The openings rate increased from 4.2% to 4.5%, just below the 4.6% level from a year ago.

While job openings surged, the actual hires tumbled from just shy of 7 million in June to 5.8 million in July, a decline of about…



Source cnbc.com

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