U.S. job openings raced to a new record high in July while layoffs rose moderately, suggesting last month's sharp slowdown in hiring was due to employers being unable to find workers rather than weak demand for labor, Reuters reported. The Labor Department's monthly Job Openings and Labor Turnover Survey, or JOLTS report, on Wednesday also showed a steady increase in the number of workers voluntarily quitting their jobs, a sign of confidence in the labor market. Job openings, a measure of labor demand, jumped 749,000 to 10.9 million on the last day of July, the highest level since the series began in December 2000. It was the fifth straight month that job openings, which have been increasing since January, hit a record high. Job openings rose in the Northeast, South, Midwest and West regions. The job openings rate surged to a record 6.9% from 6.5% in June, driven by medium-sized businesses with 50-249 workers. The rate for large firms with 5,000 or more employees fell. Hiring slipped 160,000 to 6.7 million, pulled down by decreases in retail trade, durable goods manufacturing and educational services. State and local government education hiring increased, as did federal government employment. The hiring rate fell to 4.5% from 4.7% in June. The hires rate dropped for large businesses.
