The Labor Department reported that job openings in the United States remained relatively flat in July.
The Labor Department released the monthly Job Openings and Labor Turnover Survey, showing that job openings in the United States reached 7.27 million in July. This figure was a slight increase from the revised 7.18 million in June, though it came in slightly weaker than economists' expectations. Simultaneously, hiring activity slowed down. The number of workers finding new jobs fell to 5.1 million in July, down from 5.3 million in June. The hiring rate also decreased to 3.2% from 3.4% in June. Separations remained relatively steady. Layoffs and discharges totaled 1.7 million, while the quits rate was 1.9%. The survey indicates a labor market characterized by low hiring and low firing, where employees are staying in place as the market loses momentum. Gold prices also faced pressure, trading at $4,365.00 an ounce, down nearly 2% on the day. This occurred as the U.S. and Iran exchanged fire for the first time in more than a month, contributing to higher oil prices and inflation fears.
Sources
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The labor market was little changed in July, with hiring and layoffs both inching lower
Yahoo Finance
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Gold prices remain down as U.S. JOLTS highlight ongoing weakness in labor market
KITCO