The number of available jobs dropped for the second straight month, measuring a seasonally adjusted 9.582 million, or 1.6 jobs per job seeker. The latest Job Openings and Labor Turnover Survey report shows that vacancies ticked down from a revised 9.61 million in May and shrank considerably since peaking north of 12 million in March 2022. Job openings increased in industries such as health care and state and local government, excluding education, where postings fell.
On a monthly basis, the June JOLTS report also showed that the number of new hires dipped to 5.91 million from 6.23 million, quits peeled back to 3.722 million from 4.067 million, and layoffs inched down to 1.527 million from 1.546 million. The US labor market is slowly getting back into balance, but business needs still outstrip the number of Americans looking for work, a lopsidedness that the Federal Reserve views as feeding into demand and, consequently, inflation.
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