Washington. U.S. private-sector job openings fell in July to their lowest level in 3-1/2 years, suggesting the labor market is losing steam but probably not enough for the Federal Reserve to consider a significant interest rate cut this month.
Job openings, a measure of labor demand, fell 237,000 to 7.6 million on the last day of July, the lowest since January 2021, the Labor Department reported.
June data was revised downward to show 7.91 billion unfilled jobs instead of the previously reported 8.184 million.
The data suggest the labor market is not collapsing but slowing in an orderly fashion, which would reduce the need for the Fed to cut interest rates by half a percentage point at its Sept. 17-18 policy meeting.
On the other hand, U.S. economic activity expanded more slowly from mid-July through late August and businesses reported fewer hires, signs that underscore why the Federal Reserve is willing to cut interest rates this month, the central bank’s survey showed in its Beige Book report.
Goldman Sachs sees US economy in big boost if Harris wins
U.S. economic growth would likely get the biggest boost over the next two years if Democrats led by Kamala Harris win the White House and Congress in November’s elections, Goldman Sachs (GS) said.
Under a Republican victory, or even a divided government led by Donald Trump, economic output would take a hit next year, notably from higher tariffs on auto imports from China, Mexico and the European Union, which would lift core inflation, and from the implementation of stricter immigration policies, GS said in a note late on Tuesday. Job growth under a Democratic administration would also likely be stronger than under Republicans, Goldman added.
#job #openings #fall #42month #July
– 2024-09-05 11:29:16
