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The U.S. labor market lost steam in August as the number of job openings and resignations declined from the previous month, according to the government’s monthly report on job openings and labor turnover.
The Labor Department reported Wednesday that job openings fell to 5.91 million on the last business day of the month, down from 6.08 million in July, a decrease of 170,000 openings.
Resignations also fell to 4 million from 4.37 million in July, a decrease of 370,000. The decrease in job openings and resignations signals a slowing of labor market activities after several months of steady increases.
At the same time, the number of hires dipped slightly to 5.53 million in August from 5.71 million in July, while separations from the workforce also declined to 4.94 million from 5.37 million.
Overall, the data suggest the job market is beginning to cool after months of steady growth, a sign that employers may be becoming more cautious in their hiring plans amid economic uncertainty.