Like The Herald Business Journal on Facebook!
The Herald of Everett, Washington
Heraldnet.com

The top local business stories in your email

Contact Us:

Josh O'Connor
Publisher
Phone: 425-339-3007
joconnor@heraldnet.com

Jody Knoblich
General Sales Manager
Phone: 425-339-3445
Fax: 425-339-3049
jknoblich@heraldnet.com

Jim Davis
Editor
Phone: 425-339-3097
jdavis@heraldnet.com

Site address:
1800 41st Street, S-300,
Everett, WA 98203

Mailing address:
P.O. Box 930
Everett, WA 98206

HBJ RSS feeds

U.S. job openings rise in June, but hiring falls

SHARE: facebook Twitter icon Linkedin icon Google+ icon Email icon |  PRINTER-FRIENDLY  |  COMMENTS
Associated Press
Published:
WASHINGTON -- U.S. employers in June advertised the most jobs in five years but hired fewer workers, a mixed sign for the recovering job market.
The Labor Department said Tuesday that job openings rose 29,000 in June from May to 3.94 million. That's the most since May 2008.
Total hiring, however, declined 289,000 to 4.2 million. That's down from a year earlier and the biggest one-month drop in hiring since June 2010.
The job market is improving, largely because layoffs have fallen to prerecession levels. But while employers are no longer cutting jobs, many remain reluctant to hire in the face of tax increases, federal spending cuts and slower global growth.
The report on Job Openings and Labor Turnover comes after the government said on Friday that employers added 162,000 jobs in July, the fewest in four months. Last week's report showed all jobs added, minus the number of people who were laid off, quit or retired.
The unemployment rate fell to a four-year low 7.4 percent in July from 7.6 percent in June.
Competition for jobs still remains tight. In June, there were three unemployed people for every job opening. That's down from a peak four years ago of nearly 7 to 1. In a healthy economy, the ratio is typically 2 to 1.
The biggest increase in openings came in professional and business services, a category that includes management and administrative jobs. Openings for retail and construction jobs were also up. But employers in manufacturing, health care and government posted fewer jobs in June.
Hiring fell in every industry except arts, entertainment and recreation, which includes music clubs and tourist attractions.
Layoffs dropped by 215,000 to 1.5 million in June. The reduced layoffs helped "compensate for the lackluster and uneven pace of new hiring," Terry Sheehan, an economic analyst with Stone & McCarthy, wrote in a research note.
In a weak job market, few workers are willing to quit their jobs. The number of those quitting in June fell 73,000 from May to fewer than 2.2 million. When the economy is strong, 2.5 million to 3 million workers quit their jobs every month.
Federal Reserve Chairman Ben Bernanke and Vice Chair Janet Yellen have both said that they monitor the job openings report for signs that the job market is improving in a sustainable way.
If the Fed sees improvement in the economy, it is likely to scale back its $85 billion a month in bond purchases. The bond buying is meant to keep long-term interest rates low and encourage borrowing and spending.

MORE HBJ HEADLINES

CALENDAR

Share your comments: Log in using your HeraldNet account or your Facebook, Twitter or Disqus profile. Comments that violate the rules are subject to removal. Please see our terms of use. Please note that you must verify your email address for your comments to appear.

You are logged in using your HeraldNet ID. Click here to update your profile. | Log out.

Our new comment system is not supported in IE 7. Please upgrade your browser here.

comments powered by Disqus