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Job openings drop to 2-year low in June but labor market still tight

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The Labor Department says job openings fell to 9.6 million in June, the lowest since April 2021 but well above pre-pandemic levels in a sign the job market remains tight.

Hamrick noted that hiring has been slowing and the trend could continue.

A sign during a job fair at a Schneider Electric manufacturing facility in Hopkins, South Carolina, on Jan. 18, 2023. The JOLTS report found the number of Americans who quit their jobs in June dropped to 3.8 million from 4.1 million the month before, indicating fewer workers feel confident they can leave their jobs and find employment elsewhere.closely watches these figures as it tries to gauge labor market tightness and wrestle inflation under control.

Federal Reserve Chair Jerome Powell attends a press conference in Washington, D.C., on Nov. 2, 2022. The Fed has been on an aggressive campaign to raise interest rates in an effort to rein in inflation.On Friday, the government is set to release the July jobs report, which will show how many positions were added in July and whether the unemployment rate fell below its current level of 3.6%, which is near the lowest in a half-century.

 

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