Editor's Note: The following is from an Oct. 10 Wall Street Journal article. To read the article, click here.
The number of job openings declined in August, the latest sign that while the economy may be recovering, it isn't rebounding fast enough to get sidelined employees back to work.
There were 2.4 million job openings in August, down from 2.41 million in July and the lowest level since the Labor Department started tracking the data in December 2000. In August 2008, there were 4.65 million job openings.
Job separations outpaced new hires in August. The report showed that roughly 4.27 million people quit, retired or were laid off in August.
The data underscore the big hurdles still facing the economy. With wages stagnant and employers still cutting jobs, the economy's legs remain wobbly. The housing market and manufacturing industries have shown signs of improvement, but much of the recent growth has been supported by government programs that have expired or will soon.
With consumers cutting their debts and the job market stagnant, many economists worry that without new hiring, the economy's nascent recovery could slow down in the first half of next year.
Hiring activity remains at historic lows, with steep declines across most sectors, including mining and logging, construction and retail trade, according to Friday's report. Overall, hiring is down 28% since its July 2006 peak, with employers hiring 4.01 million workers in August.
A figure the Labor Department uses to gauge the ease with which workers can change jobs slipped slightly to 1.3% from 1.4% in July, signaling that switching jobs remains difficult.
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