Finance

Hiring, job openings reflect improving labor market

The rate of hiring and job openings in July continued to reflect a gradually improving labor market.

Hires reached their highest level since 2007 while job openings stayed near a 13-year high, the Labor Department reported on Tuesday.

{mosads}Employers hired 4.9 million workers in July, up 81,000 from June and the best showing since December 2007, the same month the recession started.

There were 4.67 million job openings posted in July, about 2,000 less than June with fewer government jobs available.

Although the number of job openings dropped slightly in July, there were 799,000 more job openings than in January, according to the Job Openings and Labor Turnover Survey (JOLTS), which provides more detailed information about the job market. 

Government added fewer jobs while the private sector expanded.

The largest increases since January were in retail trade, professional and business services, healthcare and social assistance.

The new data relfect a steadily improving job market despite Friday’s government report showing that employers added 142,000 jobs in August, well below expectations.

In July, there were about 2.1 workers for every job opening, up slightly from two in June, but better than the three workers per job ratio a year ago.

In 2009, at the lowest point in the recession, there was one job for every 6.5 workers, up sharply from the 1.9 posted before the recession started in late 2007 and the financial crisis of 2008 pummeled the job market. 

 

 

 

 

Tags Hires Job openings Job Openings and Labor Turnover Survey (JOLTS)
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