Job openings rebound. Yet many workers are still not finding jobs.

By Jeffry Bartash

Hiring has slowed sharply in 2024

Story developing. Stay tuned for updates here.

The numbers: U.S. job openings rose toward the end of summer for the first time in three months, but people looking for work are having a harder time getting a job since fewer companies are hiring.

Job postings climbed to 8 million in July from a three-and-half year low of 7.7 million in July, the Labor Department said Tuesday.

New openings have fallen by one-third from a record 12.2 million in 2022.

Big picture: A huge slowdown in hiring has pushed the unemployment rate up to 4.2% from a cycle low of 3.4% because most of the people entering the labor market are not finding jobs quickly.

The cooling labor market has overtaken inflation as the Fed's main focus as it lowers interest rates to try to keep the economy on solid ground.

Market reaction: The Dow Jones Industrial Average DJIA and S&P 500 SPX fell in Tuesday trading.

-Jeffry Bartash

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10-01-24 1010ET

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