WASHINGTON (AP) – The number of available jobs jumped sharply in July to the highest level in 15 years, evidence that confident employers sought to step up hiring to meet greater demand for their goods and services.
Job openings soared 8 percent to 5.75 million, the most since records began in 2000, the Labor Department said Wednesday. Yet overall hiring slumped, suggesting that employers are slow to fill the jobs they have advertised.
The big jump in openings in July would typically point to greater hiring in the months ahead. Yet China’s economy stumbled in August, raising fears among investors of weaker global growth and causing violent swings in the U.S. and overseas stock markets.
That may cause employers to take a cautious approach in coming months toward actually placing people in open positions.
At the same time, the sharp rise in available jobs could lead to larger paychecks. As more employers compete to fill available jobs, they may be forced to raise wages to attract candidates from the dwindling number of unemployed.