Job openings fall sharply in June

The total of US employment vacancies fell to about 10.7 million through the last day of June. Even with the sharp decline, there were still 1.8 open jobs per available worker.

Job openings retreated in June to their lowest level since September 2021 in a potential sign that a historically tight labor market is starting to slow. The total of employment vacancies fell to about 10.7 million through the last day of June, a decline of 605,000 or 5.4%, according to the Job Openings and Labor Turnover Survey released Tuesday by the Bureau of Labour Statistics.

Even with the sharp decline, there were still 1.8 open jobs per available worker, with the total difference at nearly 4.8 million. Hiring also slowed during the month, dropping 2% to 6.37 million, while the level of quits, an indicator of worker mobility and confidence, was little changed but well off record levels seen earlier this year. Separations also edged lower, falling by 1.4% to 5.93 million.

Fed officials watch the JOLTS numbers closely as they assess the future path of the labour market and how that might influence interest rates.