The U.S. job openings rose to a new record high in July, signaling the persisting staffing shortages that makes it challenging for businesses to meet demand.
- The number of job openings rose to 10.9 million jobs available during the month from an upwardly revised 10.2 million openings in June, according to the Job Openings and Labor Turnover Survey (JOLTS) report.
- After discarding millions of workers last year, the rapid recovery in economic activity has left numerous businesses severely short-staffed. Many restaurants have cut their hours of operation.
- The number of job vacancies were higher than hires by 4.3 million in July. The number of workers who voluntarily quit their jobs increased to 4 million in the month, and the quit rate was unchanged at a near record 2.7%.
The growth in job creation was the most abundant in health care and social assistance (+294,000), finance and insurance (+116,000), and accommodation and food services (+115,000). The number of job openings rose in the Northeast, South, and West regions.
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Source: U.S. Department of Labor.