U.S. job openings reaches record high in July

Hiring intentions in the U.S. continued to be strong before the labor market disruptions that is expected to be seen because of the recent hurricane activity, noted Wells Fargo in a research report. In July, job openings reached another record high, whereas a rise in turnover was driven by quits.

The upcoming labor market readings are likely to worsen because of Hurricanes Harvey and Irma hampering activity in recent weeks; however, the JOLTS data indicate hiring intentions remained solid heading into the second half of 2017. Job openings reached a fresh record high of 6.2 million in July. Following the sideways moves in 2016 and early 2017, job openings rose 4 percent in the past year.

Job turnover rose in July with separations rising to 5.33 million. The mix of turnover rebounded with the increase triggering from more workers voluntarily leaving their job. The greater number of quits is linking with sentiment in the labor market; however, it has yet to put significant pressure on wages. Turnover continues to be low relative to the extent of labor market tightness shown by the vacancy rate and jobless rate, stated Wells Fargo.

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