FRANCHISE HERALD
Friday January 24, 2020

updated - January 24, 2020 Friday EST

U.S. job openings edge lower, quits hold steady

Oct 11, 2012 04:11 PM EDT | By Staff Reporter
Close
A day laborer stands behind a sign for an employment center in San Diego, January 6, 2011.
A day laborer stands behind a sign for an employment center in San Diego, January 6, 2011.(Photo : Reuters/Mike Blake)

The number of U.S. job openings fell slightly in August, a troubling sign for a labor market that is recovering at a painfully slow pace.

Job openings - a measure of labor demand - dropped to 3.56 million from 3.59 million in July, the Labor Department said on Wednesday in its monthly Job Openings and Labor Turnover Survey.

The data casts a small shadow over recent signs of improvement in the labor market.

Government data last week showed the U.S. unemployment rate unexpectedly dropped to 7.8 percent in September, its lowest level since President Barack Obama took office. That was seen as providing a boost to Obama's re-election bid.

Wednesday's data, however, showed workers were still very cautious about the strength of the economic recovery. The rate at which workers are quitting their jobs held steady in August at 1.6 percent for the seventh straight month.

That rate, which measure the share of the employed who quit their jobs, was usually above 2 percent over the few years before the 2007-09 recession.

In a brighter sign, the recent improvement in the unemployment rate, which also dropped in August, has left fewer unemployed workers chasing each job opening, despite the drop in new positions.

In August, there were 3.52 unemployed workers for every job opening, down from 3.56 in July. Still, before the start of the last recession that ratio was below 2 workers for every opening.

The hiring rate also improved modestly in August, rising to 3.3 percent.

Get the Most Popular Franchiseherald Stories in a Weekly Newsletter
© 2015 Thomson Reuters. All rights reserved.

Connect With Franchise News

Email Newsletter

TOP 10 FRANCHISES OF 2020

  • RANK
    FRANCHISE NAME
    STARUP COSTS
  • 1nc
    Hampton Hotels
    $3.7M - 13.52M
  • 2nc
    Subway
    $85.2K - 260.35K
  • 3up
    Jiffy Lube Int'l. Inc.
    $196.5K - 304K
  • 4down
    7-Eleven Inc.
    $30.8K - 1.64M
  • 5up
    Supercuts
    $103.55K - 196.5K
  • 6up
    Anytime Fitness
    $56.3K - 353.9K
  • 7down
    Servpro
    $133.05K - 181.45K
  • 8down
    Denny's Inc.
    $1.18M - 2.4M
  • 9down
    McDonald's
    $1M - 2.16M
  • 10down
    Pizza Hut Inc.
    $295K - 2.15M
Real Time Analytics