Every month we await with nervousness the numbers for the new jobs produced in the month before. Will the number show a strong job market, or will they hint at a slowdown? Market participants search for any hints of a slow economy and the jobs report, though a lagging indicator, is watched closely.
Another report that is just as revealing is the job openings report which is a separate statistic that includes the number of jobs available but also the ‘quit’ rate for existing workers. Openings fell to a five month low to 7.22 million from July’s number of 7.25 million. To put that in scale there are 6 million Americans officially classified as unemployed. There are more jobs available than workers to fill them.
The quit rate reached a yearly high. This is a report on how many people voluntarily quit their jobs to find another. When the number is high the economy is strong and workers are confident they can find a new job with better pay and benefits.
Despite creating only 130,000 jobs in August the employment picture remains strong.