The labor market may be losing momentum, according to a recent report on job turnover rates from the Bureau of Labor Statistics.
Job openings in the U.S. dropped in July by 1.5 percent to 3.67 million compared to last month. New hires have also dropped by 1.2 percent to 4.23 million.
The job turnover data follows Friday’s employment report, which showed unemployment falling to 8.1 percent with only 96,000 jobs added in August.
With the drop in openings, the job market has become more reflective of the number of job seekers.
There were 12.8 million people unemployed in July, which means there are nearly 4 people competing for the same position, according to the Bureau of Labor Statistics.
Despite the disappointing turnover numbers, there are signs of improvement. Jobs in the private sector increased by 8.8 percent to 3.7 million. New hires are also up from last year by 2.8 percent to 4.2 million.