The data on job openings in August shows an increase of 329,000 to 8.040 million after an upward revision to 7.711 million in July. The August increase is above the consensus of 7.700 million in the Econoday survey of forecasters. Job openings in private industry are up 227,00 in August, led by an increase of 138,000 in construction. Government jobs openings are up 103,000, led by state and local government at up 106,000 in August. The job openings rate is up to 4.8 in August after 4.6 in July. While the number of jobs open has narrowed significantly since 9.358 million in August 2023, the current levels are consistent with a normal labor market in a period of modest expansion.

There is some month-to-month fluctuation in the level of job openings, but the underlying trend appears to be similar to conditions prior to the pandemic in 2020. There are sufficient new jobs to absorb new entrants in the labor force and those already in the labor market seeking a job. Importantly, churn in the labor market from workers leaving one job for another is considerably less, but not absent. Overall layoff activity remains low. If businesses are not hiring, neither are they cutting payrolls aggressively.

The number of new hires is down 99,000 in August to 5.317 million after 5.416 million in the prior month. Hires were at 5.888 million in August 2023. New hires are down 98,000 in the private sector and unchanged among government hires. The hires rate in August is 3.3 after 3.4 in July, and 3.8 in August 2023.

Total separations are down 317,000 to 4.997 million in August after 5.314 million in July and 5.609 in August 2023. Private job separations are down 287,000 and government down 31,000 in August. The separations rate is down to 3.1 in August after 3.4 in July and 3.6 in August 2023.

Job quits a subset of separations are down 159,000 to 3.084 in August after 3.243 million in July and 3.595 million in the year-ago month. Job quits in the private sector are down 147,000 and government down 11,000 in August. The quits rate is down to 1.9 in August after 2.0 in July and 2.3 in August 2023.

Layoffs and discharges another subset of separations are down 105,000 to 1.608 million in August after 1.713 in July and 1.664 million in August 2023. The rate is 1.0 in August after 1.1 in July and in August 2023.

The US labor market has been cooling in recent months but job openings are expected to remain steady. August's consensus is 7.7 million versus 7.7 million in July and 7.9 M in June.

The Labor Department's JOLTS report tracks monthly change in job openings and offers rates on hiring and quits. The reporting period lags other employment data including the employment situation report. The word JOLTS stands for Job Openings and Labor Turnover Survey.

Although lagging the release timing of the employment situation report by a month, JOLTS provides additional information on the labor market. The payroll survey in the employment situation report provides numbers on net job changes. JOLTS breaks down labor market data into pre-net changes such as job openings, hires, and separations.