Job openings in August slipped from July’s high while the rate of workers quitting their jobs reached a record level, according to seasonally adjusted data released today by the US Bureau of Labor Statistics. The number of job openings fell 5.9% in August compared to July — a month with a record level of openings — but remained up 61.8% compared to August 2020. Industries
Average hourly pay has increased by 4.6% over the past year, a rate not seen since the late 1970s and early 1980s, driven by severe labor shortages. However, this increase in wages is being largely offset by high inflation, which is running at its fastest pace in 30 years, eroding workers’ purchasing power. The surge in inflation is primarily attributed to supply chain disruptions, resulting
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