U.S. job openings rose in July, reversing a sharp downward revision in June, according to Labor Department data released on Tuesday. The Bureau of Labor Statistics reported that total job openings increased by 89,000 to 7.271 million on the last day of July, up from a revised 7.182 million in June.
The June figure was revised from an initial estimate of 7.359 million, reflecting a downward adjustment of 177,000. Economists polled by Reuters had expected 7.300 million openings for July. The manufacturing sector accounted for most of the gain, with unfilled positions rising by 79,000, nearly all in durable goods. The professional and business services sector reported 65,000 open jobs.
The response rate to the Job Openings and Labor Turnover Survey (JOLTS) remained low, at just over 30%, compared with about 58% before the COVID-19 pandemic. The data comes as the Federal Reserve maintains its benchmark interest rate at a range of 3.50% to 3.75%. Financial markets are assigning a 66% probability to a 25-basis-point rate hike at the Fed’s September 15-16 meeting, according to CME Group’s FedWatch tool.
Fed Chair Kevin Warsh said on Friday that the central bank would need to take further action if officials do not gain sufficient confidence that inflation is sustainably moving toward the 2% target.
