Skip to comments.Drop in job openings signals limited U.S. job growth
Posted on 10/10/2012 7:14:58 PM PDT by tobyhill
Job openings in the U.S. dropped for a second straight month in August, indicating companies are reluctant to beef up payrolls through year-end without faster economic growth.
The number of positions waiting to be filled fell by 32,000 to 3.561 million from a revised 3.593 million the prior month that was less than previously estimated, the Labor Department said today in a statement. Hiring increased at the same time firings rose to a three-month high.
Companies such as Foot Locker Inc. are facing a weakening global economy and the possibility of automatic tax increases and government cutbacks, helping explain limited payroll growth. At the same time, a jobless rate that fell below 8 percent last month for the first time in more than three years shows some progress in the labor market.
A lot of firms may be back on their heels, reluctant to go out and expand, said Scott Brown, chief economist at Raymond James & Associates Inc. in St. Petersburg, Florida. There is uncertainty due to the election, the fiscal cliff and Europe. We are definitely still adding jobs. The key question is how much more restraint were going to see from businesses.
(Excerpt) Read more at washingtonpost.com ...
There are fewer job openings because of the millions of people hired due to the graces of our dear leader, doncha know?
Job openings fell, hiring increased, firings went up, labor participation down, unemployment claims dropped. Are you getting all that?