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Businesses posted far fewer open jobs in July and the number of Americans quitting their jobs fell sharply for the second straight month, clear signs that the labor market is cooling in a way that could reduce inflation WASHINGTON -- Businesses posted far fewer open jobs in July and the number of Americans quitting their jobs fell sharply for the second straight month, clear signs that the labor market is cooling in a way that could reduce inflation. The number of job vacancies dropped to 8.8 million last month, the Labor Department said Tuesday, the fewest since March 2021 and down from 9.2 million in June. Yet the drop appeared to be even steeper because June's figure was initially reported as 9.6 million. That figure was revised lower Tuesday. July's figure was still healthy historically — before the pandemic the number of openings had never topped 8 million. And there are still roughly 1.5 available jobs for each unemployed worker, which is also elevated but down from a p...

Stocks fell after reports suggested the U.S. job market remains much more resilient than expected NEW YORK -- Stocks fell Thursday after reports suggested the U.S. job market remains much more resilient than expected. The S &P 500 lost 35.23, or 0.8%, to 4,411.59. The Dow Jones Industrial Average dropped 366.38, or 1.1%, to 33,922.26, and the Nasdaq composite gave up 112.61, or 0.8%, to 13,679.04. While a sturdy labor market keeps the economy out of a long-feared recession, it could also push the Federal Reserve to keep interest rates higher for longer in its campaign to defeat high inflation. That in turn could mean more pressure down the line on the economy and financial markets. A report from ADP Research Institute suggested hiring by private employers was much stronger last month than economists expected, with nearly twice as many jobs created than forecast. The ADP report can be volatile and “isn’t necessarily a good predictor of the monthly jobs report” that is more comprehen...

Wall Street is holding relatively steady coming off its worst week in nearly two months as stocks of several beaten-down banks rally NEW YORK -- Wall Street is holding relatively steady Monday coming off its worst week in nearly two months, as stocks of several beaten-down banks rally. The S &P 500 was virtually unchanged in early trading. The Dow Jones Industrial Average was edging down by 16 points, or less than 0.1%, at 33,657, as of 9:45 a.m. Eastern time, while the Nasdaq composite was 0.2% lower. Besides a strong reading on U.S. jobs, which calmed worries about a possible recession but raised concerns about high inflation, last week was dominated by fears about smaller and mid-sized banks. PacWest Bancorp jumped 20.7% Monday to recover some of its steep 43% plunge last week. It said on Friday night that it’s cutting its dividend to help it build its financial strength. Several other smaller- and mid-sized banks also rose, including a 6.8% rise for Western Alliance Bancorp. T...

Apple was at the head of a widespread rally on Wall Street after the stock market’s most influential company reported a better profit than expected NEW YORK -- Apple was at the head of a widespread rally on Wall Street Friday after the market 's most influential company reported a better profit than expected. Stocks of beaten-down banks also leapt to recover a smidgen of their sharp losses from a brutal week. The S &P 500 jumped 1.8%, though it still turned in a modest loss for the week that was its worst in nearly two months. The Dow Jones Industrial Average climbed 546 points, or 1.7%, while the Nasdaq composite rallied 2.2%. Treasury yields jumped in the bond market after a report showed hiring accelerated across the economy by much more than expected last month. The U.S. government’s jobs report also showed workers won bigger pay raises in April than expected. While that’s good news, particularly when many economists fear a recession may arrive this year, the data also ra...