US job openings rise unexpectedly in July, but quits rate ticks lower

The number of job openings in the US increased a bit last month, even as hiring and the number of so-called 'quits' slipped.

According to the US Department of Labor, job openings increased at a month-on-month pace of 1.8% in July to reach 11.24m (consensus: 10.3m).

The number of job openings for June meanwhile was revised up from roughly 10.7m to 11.04m.

Yet hiring declined by 1.1% over the month to about 6.38m.

The rate of quits or voluntary separations however ticked lower by one tenth of a percentage point from June to reach 2.7%.

Some economists consider quits to be a useful barometre of labour market strength, as workers voluntarily changing jobs can denote confidence in their ability to find other employment.