(CNN) — The competitive US labor market began to show signs of contraction in August. Job vacancies fell to 10.1 million compared to 11.2 million registered in Julyaccording to data released by the Bureau of Labor Statistics on Tuesday. This is the smallest amount since June 2021.
The most recent Job Vacancies and Labor Turnover Survey (JOLTS) showed that this decline in available jobs means that there are now almost 1.7 vacancies for every person seeking a job, versus the proportion of two vacancies for every person who looked for work in July.
Now, this drop is likely to be good news for the Federal Reserve, which wants more flexibility in the labor market out of concern that employee shortages could lead to higher wages and ultimately keep the economy down. high inflation.
News in development…