In what could be the last piece of federal jobs data released this week if the government shuts down, a new report Tuesday showed that the number of available roles remains low for the year—a sign that opportunities continue to dwindle for Americans looking for work.
Tuesday’s Job Openings and Labor Turnover Survey revealed that the number of available jobs increased slightly to 7.23 million at the end of August, up from an upwardly revised 7.21 million. Despite this small increase, job openings as a share of total employment remain at five-year lows, according to Bureau of Labor Statistics (BLS) data.
The report further confirmed that the U.S. job market has grown increasingly stagnant. Excluding the onset of the pandemic in early 2020, the rate of hiring fell in August to 3.2%, matching a 12-year low, BLS data shows.
“That’s the worst level since the Great Recession era when unemployment was 7% or higher, with the exception of April 2020,” Heather Long, Navy Federal Credit Union’s chief economist, wrote in a note Tuesday. “The job market has been frozen for close to a year now, and it appears to be getting worse for job seekers. Americans feel stuck in this economy without job opportunities or hopes of buying a home. This needs to change.”
### Federal Data at Risk of Going Dark
The monthly report carries added weight this week as it comes at a precarious time for the economy. If the federal government shuts down at midnight, the release of crucial labor market data—such as Friday’s jobs report—could be delayed.
This already crucial monthly employment snapshot has become even more important as recent months’ data show the “low-fire, low-hire” environment to be even more anemic than previously thought. This has stoked concerns that the labor market is cracking.
These concerns spurred the Federal Reserve to cut interest rates earlier this month. The upcoming September jobs report is “arguably the most important piece of information” for policymakers when they meet in October, according to Bank of America economists.
### Listless Labor Market
As job opportunities dwindle, workers are holding on to the jobs they have. The level and rate of voluntary quits dropped to an eight-month low. One of the few bright spots is that layoff activity isn’t escalating—and that remained the case in August.
Still, the overall picture of the labor market remains dour for many Americans, especially for the nearly 2 million people who have been searching for jobs for at least half a year.
Separate data released Tuesday showed that the slowing labor market is also taking a toll on Americans’ attitudes toward the economy. Consumer confidence fell 3.6 points in September to a reading of 94.2, The Conference Board reported Tuesday — marking the lowest level in five months.
Respondents’ “appraisal of current job availability fell for the ninth straight month to reach a new multiyear low,” Stephanie Guichard, senior economist of global indicators at The Conference Board, said in a release. She noted that this is “consistent with the decline in job openings.”
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**This story is developing and will be updated.**
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