August’s job opening slide is the second-largest in history.
The August plunge in job openings is a result of employers reducing their future hiring plans, Pollak says, or only hiring to replace people rather than hiring for new positions to grow their team.
Jobs that saw the biggest declines in postings in August include those in health care and social assistance, other services , and retail trade.The S&P 500 Is Down Over 20% This Year—Here's Why It's Smart to Keep Investing Anyway In other service sectors, though, slower hiring intentions could exacerbate staffing shortages and lead to longer wait times, slower service or limited availabilities at places like restaurants, stores and airports, Pollak says.push is"much slower and more cautious than that of previous years," Pollak says. Employers, not wanting to over-hire, could instead under-hire or leave staffing to the last minute, when they may have to recruit at a premium.
Workers are still overwhelmingly confident in the job market, with upwards of 4 million people voluntarily quitting every month for more than a year now.
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