MBA Career Insights: Job Openings, Chewy Earnings and August Jobs Report – Newsday

Last Updated on August 28, 2023 by Robert C. Hoopes

Title: US Job Openings Set to Remain Steady at 9.6 Million for Third Month in a Row

The US Labor Department is poised to unveil its highly anticipated July job opening and labor turnover survey, with analysts forecasting job openings to maintain a steady pace at around 9.6 million. This follows two consecutive months of stability in the job market. The forthcoming report is expected to shed light on the health of the American economy.

Last month’s data showed promising signs, indicating a robust economy as employers expressed a strong desire to hire more workers. Notably, the number of workers voluntarily leaving their jobs has surpassed pre-pandemic levels, which suggests that many Americans are finding more attractive job opportunities and displaying a renewed sense of confidence in the market.

In other news, Chewy, the renowned pet food delivery company, is scheduled to disclose its second-quarter financial results on Wednesday. Market expectations indicate that Chewy may report a loss of 5 cents per share, marking the sixth consecutive quarter of anticipated losses. However, Chewy has thrived in surprising analysts in the past, having posted adjusted profits for five consecutive quarters. Investors are keen to see if the trend continues.

Furthermore, the Labor Department is set to release its August report on hiring by nonfarm US employers on Friday. In July, employers added 187,000 new jobs, falling slightly short of expectations. However, the unemployment rate decreased to an impressive 3.5%. Analysts on Wall Street project that the US economy will add approximately 175,000 jobs in August.

With the Federal Reserve having raised its benchmark interest rate eleven times since March 2022, recent reports showcase the noteworthy resilience of the job market. Despite these rate hikes, the employment sector has managed to sustain consistent growth, demonstrating the underlying strength of the economy.

Over the past few months, the monthly changes in nonfarm payrolls, seasonally adjusted, have displayed a relatively stable trend. In March, 187,000 jobs were added, followed by 185,000 in April. May witnessed a notable spike, with 281,000 new jobs, but the numbers evened out again in June and July, both reporting an addition of 187,000 jobs. It is anticipated that the August report will show another 175,000 new jobs.

Overall, these developments suggest a relatively stable job market with steady growth and encouraging patterns. The economy shows resilience despite challenges, and job opportunities continue to make a positive impact on Americans’ lives.