July 2024 Job openings came out significantly weak, missing expectations by a large margin
The labor market as of today is looking less tight or weaker than it was before the pandemic in 2019 (2019 was not a particularly strong economy either)
Markets are once again very unsure of 50bps or 25bps cuts in September.
My guess is that Friday’s jobs report will be key to determining this.
Job Openings declined by 230 to 7.673 Million in July 2024, missing expectations for 8.10 Million.
The job openings per unemployed person fell to 1.07, the lowest level since April 2018
The quits rate and hires rate remain below pre-pandemic levels.
Openings per category.
Particularly, construction job openings are looking pretty bad, which is not surprising due to the depressed levels of activity in the sector.
