MARKETS, GOVERNMENT REPORT SERIES
Aug 30, U.S. stocks closed lower for a third straight session as a government job openings report fueled speculation that U.S. Federal Reserve needs to maintain its hawkish pursuit of for more interest rate hikes. Dow down 0.96%, S&P 500 down 1.10%, Nasdaq down 1.12%.
United States Job Openings in July
The number of job openings in the US rose by 199,000 from a month earlier to 11.2 million in July of 2022, while markets had expected it to drop to 10.45 million. It was the first increase in job openings after three consecutive months of slight declines, reflecting persistent tightness in the labor market amid worker shortages.
Job openings increased in transportation, warehousing, and utilities (+81,000); arts, entertainment, and recreation (+53,000); federal government (+47,000); and state and local government education (+42,000), but decreased in durable goods manufacturing (-47,000).
Meanwhile, some 4.2 million Americans quit their jobs in July, little changed from the prior month, with the so-called quits rate falling to 2.7%.
source: U.S. Bureau of Labor Statistics govt 8-30-22 jobs report
