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October 4, 2022 By Peter Boockvar

Job openings shrink further in August

The number of job openings in August shrunk by more than 1mm to 10.05mm from a revised 11.17mm in July. That is the least amount since June 2021. The hiring rate held at 4.1% but that is the lowest since January 2021. The quit rate was also unchanged m/o/m at 2.7% and which matches the lowest since May 2021.

Job openings in the manufacturing sector slipped to the lowest since February 2022. In retail, the number of job openings are the smallest since December 2020. Job openings for leisure and hospitality fell too as they did for professional business, information and financial services. Construction interestingly is where job openings grew.

Bottom line, while there are still plenty of job openings around 10mm and as we continue to hear stories about the difficulty in finding workers in certain industries, it’s become clear that the first thing companies do when the macro environment becomes more challenging is to slow the pace of hiring’s. This data today is of course for August and Friday’s BLS September consensus estimate is for a job gain of 265k and that would be the least since April 2021.

Job Openings

Hiring Rate

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About Peter

Peter is the Chief Investment Officer at Bleakley Advisory Group and is a CNBC contributor. Each day The Boock Report provides summaries and commentary on the macro data and news that matter, with analysis of what it all means and how it fits together.

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Disclaimer - Peter Boockvar is an independent economist and market strategist. The Boock Report is independently produced by Peter Boockvar. Peter Boockvar is also the Chief Investment Officer of Bleakley Financial Group, LLC a Registered Investment Adviser. The Boock Report and Bleakley Financial Group, LLC are separate entities. Content contained in The Boock Report newsletters should not be construed as investment advice offered by Bleakley Financial Group, LLC or Peter Boockvar. This market commentary is for informational purposes only and is not meant to constitute a recommendation of any particular investment, security, portfolio of securities, transaction or investment strategy. The views expressed in this commentary should not be taken as advice to buy, sell or hold any security. To the extent any of the content published as part of this commentary may be deemed to be investment advice, such information is impersonal and not tailored to the investment needs of any specific person. No chart, graph, or other figure provided should be used to determine which securities to buy or sell. Consult your advisor about what is best for you.

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