Job openings rise more than expected to a record high

The number of job openings in the US jumped to a record 5.871 million in July, according to the the Bureau of Labor Statistics.

Economists had forecast that the Job Openings and Labor Turnover Survey would show there were 5.63 million openings, up slightly month-on-month, according to Bloomberg.

The quits rate rose to 2.1%, matching the recent high reached in February and March, but short of the cycle high of 2.2% hit last December.

This rate is an indicator of how confident people are in finding new jobs soon after they resign, and is a preferred metric by Federal Reserve chair Janet Yellen.

There were 1.6 million layoffs and discharges in July, little changed from June and at a 1.1% rate.

The record number of job openings is one of the most cited statistics to demonstrate the labor-market's strength, as employers have not been able to find enough skilled workers to fill the positions.

More to come ...