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U.S. job openings were little changed in July at 4.673 million from 4.675 million in June. Hires increased to 4.872 million from 4.791 million.

JOLTS

The number of unemployed workers per job opening increased to 2.07 from 2.03.

Unemployed per Opening

There were 4.559 million separations in July. Quits increased to 2.517 million from 2.484 million, layoffs and discharges increased to 1.659 million from 1.657 million, and other separations increased to 0.383 million from 0.379 million.

Separations

The ratio of quits to layoffs and discharges increased to 1.52 from 1.50, which is a positive sign and indicates people are more comfortable leaving their jobs.

Quits to Layoffs

Subtracting total separations from hires, net labor turnover for the month is suggested to be an increase of 313k jobs.

Hires and Separations

That 313k is substantially higher than the 212k nonfarm payrolls added as reported in the employment situation release.

NFP JOLTS

BLS

The Beveridge Curve shows the relationship between the unemployment rate and the job openings rate (job openings as a percentage of the total employed plus job openings).

Beveridge