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Job Market Shows Signs of Weakening as Consumers Turn Gloomy_我的网站

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The number of job openings fell to 8.8 million at the end of July, down from the prior month’s revised 9.1 million in a sign that the economy is downshifting, the Labor Department reported on Tuesday.
The drop brings the number about 2.5 million below the 11.4 million available jobs of a year ago.
Openings fell in professional and business services, down 198,000; health care and social assistance, off by 130,000; and state and local government, including education, where the combined losses totaled 129,000. There was a strong increase in information industry jobs, up by 101,000; and in transportation, warehousing and utilities, where openings increased by 75,000.
“Now it is taking a bit longer for jobseekers to find a job,” said Julia Pollak, chief economist for ZipRecruiter. “There’s meaningful slack in the job market, but it is still a historically tight job market. Overall, I still see the U.S. labor market as understaffed.”
The government will report the monthly jobs number for August on Friday with expectations for a gain of about 168,000 jobs.
“Investors should expect a softening labor report this Friday, further cementing the thesis that the Fed is getting close to finishing its tightening cycle,” said Jeffrey Roach, chief economist at LPL Financial.
Meanwhile, the Conference Board’s consumer confidence index for August found a pullback as Americans grew more concerned about rising prices of gasoline and groceries.
The present situation index – a reading of how consumers assess the current economy – fell to 144.8 from 153.0 in July. The expectations index, a forward-looking measure, declined to 80.2 from July’s bump to 88.
“Consumer confidence fell in August 2023, erasing back-to-back increases in June and July,” said Dana Peterson, chief economist at the business organization. “August’s disappointing headline number reflected dips in both the current conditions and expectations indexes. Write-in responses showed that consumers were once again preoccupied with rising prices in general, and for groceries and gasoline in particular.”
“The pullback in consumer confidence was evident across all age groups – and most notable among consumers with household incomes of $100,000 or more, as well as those earning less than $50,000,” Peterson added. “Confidence held relatively steady for consumers with incomes between $50,000 and $99,999.”
Consumers expected higher interest rates to come, while also lowering their assessment of the probability of a recession.
Also Tuesday, home prices rose 0.9% in June, according to the S&P CoreLogic Case-Shiller index. Prices were unchanged on a year-over-year basis.
"U.S. home prices continued to increase in June 2023," said Craig J. Lazzara, Managing Director at S&P DJI. "Our National Composite rose by 0.9% in June, and it now stands only -0.02% below its all time peak from exactly one year ago. Our 10- and 20-City Composites likewise each gained 0.9% in June 2023, and stand -0.5% and -1.2%, respectively, below their June 2022 peaks.”
"As we've noted previously, the recovery in home prices is broadly based,” Lazzara added. “Prices rose in all 20 cities in June, both before and after seasonal adjustment. Over the last 12 months, 10 cities show positive returns. Otherwise said, half the cities in our sample now sit at all-time high prices.
“Today’s market offers buyers the frustrating combination of low inventory and high home prices,” said Realtor.com economic data analyst Hannah Jones. “Many existing homeowners remain on the sidelines of the market, content to stay put as mortgage rates reach 20-year highs.”
“As a result, home shoppers are seeing fewer existing homes for sale and facing more competition for the homes available,” Jones added. “Builders have started to pick up construction activity to fill this gap, but remain cautious as affordability challenges continue to stifle buyer demand.”
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The patient, a 51-year-old surnamed Jiang, had both legs completely severed at the thighs in a machinery accident at a factory on December 2, 2024. A multidisciplinary team from the trauma orthopedics and joint surgery departments at Suzhou Ruihua Orthopedic Hospital, in East China's Jiangsu Province, worked through the night for nearly eight hours to reattach the two limbs, the report said.
Li Changsong, head of a trauma orthopedics team at the hospital, told the Yangtze Evening Post on Tuesday that Jiang can now walk indoors with a walker and manage most daily activities without assistance. Sensation in his lower limbs has also recovered to the area above his ankles.
"He is still recovering and is expected to gradually stop using crutches and eventually walk independently," Li was quoted as saying by the Yangtze Evening Post on Wednesday.
In March last year, shortly after the external fixators were removed from both legs, Jiang could already lift his legs freely while lying in bed. Sensation had returned as far down as the middle of his lower legs, and he was discharged from the hospital on March 5. His main goal at the time was to stand and walk again through rehabilitation, according to the report.
More than a year later, Jiang has moved from being confined to bed to lifting his legs and then standing and walking, the report said, noting that his rehabilitation is still ongoing.
The recovery process has not been without complications. Jiang developed localized skin necrosis after the operation and underwent flap reconstruction surgeries. He later required bone grafting and reinforced internal fixation of both femurs after severe open comminuted fractures resulted in femoral nonunion.
Li said Jiang is now in good overall condition, with his legs approximately equal in length.
"A novelty assessment conducted by the Jiangsu Institute of Medical Information confirmed this as the world's first case of replantation following the complete severing of both thighs," Li said.
Li said the case was considered a world first primarily because both legs were completely severed at thigh level simultaneously, an extremely rare injury. The hospital had previously accumulated extensive experience in replanting single limbs and lower legs, while its expertise in fracture fixation, vascular anastomosis and nerve repair provided an important technical foundation for the operation, according to the report.
Li did not give a timetable for when Jiang might be able to stop using a walker completely.
"Recovery varies from person to person. We still need to monitor his muscle strength, nerve sensation and fracture healing," Li said. Based on his current progress, however, Jiang's walking ability could continue to improve, the Yangtze Evening Post reported.
Global Times
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