The Labor Department’s latest “Job Openings and Labor Turnover Survey” (JOLTS) revealed that July was the first month in four years in which the number of unemployed Americans surpassed the number of job openings. The JOLTS data also showed sharp negative revisions to June data on layoffs and discharges, resulting in an upward revision of 192,000 people who lost their jobs involuntarily in June. Finally, the June data on job openings was also revised downward by 80,000.
