Number of Available US Jobs , Falls to Lowest Level in Over 2 Years.<br />The Bureau of Labor Statistics released data on <br />Aug. 1 indicating that job openings have reached their lowest point in over two years, CNN reports.<br />June saw available jobs drop for the second month in a row to 1.6 jobs per applicant.<br />The Federal Reserve, which has raised interest rates 11 times since March 2022, views the new data as an indicator that things are moving in the right direction.<br />By making things more difficult to purchase, the Fed hopes to subdue demand, which in turn helps the economy to attain a "soft landing," it says. .<br />It is looking like a soft landing, but the problem is that we won’t know whether this is a soft landing or whether conditions continue to weaken further and we get a recession four or <br />five months from now. , Gus Faucher, an economist with PNC Financial Services, via CNN.<br />Both a recession and a <br />soft landing look like this, Gus Faucher, an economist with PNC Financial Services, via CNN.<br />The latest JOLTS report bolsters the prospect that the Fed can tame inflation without inducing carnage in the labor market, Wells Fargo economists Sarah House and Michael Pugliese, via CNN.<br />New data also shows that new hires dropped from 6.23 million to 5.91 million in June.<br />The number of people quitting their jobs dropped from 4.067 million to 3.722 million.<br />Layoffs dipped from <br />1.546 million to 1.527 million.<br />Job openings fell to their lowest level since April 2021, but there is still a large gap between the long-term average level, or one consistent with slack in the labor market. , Oxford Economics economists Matthew Martin and Ryan Sweet, via CNN.<br />Further, while the quits rate fell, <br />the measure is quite volatile, and is still at a level that indicates continued pressure on wages as many workers leave jobs in search of other (higher-paying) opportunities, Oxford Economics economists Matthew Martin and Ryan Sweet, via CNN
