The Job
Openings and Labor Turnover Survey (JOLTS) released by the Labor Department on Tuesday
showed a 0.6 per cent m-o-m decrease in the U.S. job openings in June after an
upwardly revised 3.9 per cent m-o-m jump (from +2.8 per cent m-o-m) in May.
According to the
report, employers posted 8.184 million job openings in June compared to the May
reading of 8.230 million (revised from 8.140 million in last month’s report)
and economists’ forecast of 8.000 million. The job openings rate came in at 4.9 per cent in June, unchanged
compared to an unrevised 4.9
per cent in the previous
month. The report showed that the largest advances in job openings occurred in accommodation
and food services (+120,000) and state and local government, excluding education
(+94,000). Meanwhile, the biggest decreases took place in durable goods
manufacturing (-88,000) and federal government (-62,000).
At the same
time, the number of hires tumbled
by 5.6 per cent m-o-m to 5.341million in June compared to a downwardly revised 5.655
million (from 5.756 million) in May. This marked the lowest print since April 2020 (4.016 million). The hiring rate came in at 3.4 per cent, down from an unrevised May reading of 3.6 per cent.
The separation
rate was 5.095 million (or 3.2 per cent) in June, down 5.6 per cent from a
downwardly revised May reading of 5.397 million (or 3.4 per cent). This marked
the lowest reading since August 2020 (4.815 million). Within separations,
the number of quits reached 3.282 million (-3.6 per cent m-o-m) and the number
of layoffs
reached 1.498 million (-10.7 per cent m-o-m). The quits rate was 2.1 per cent (flat m-o-m), and the layoffs rate was 0.9 per cent (-0.2
p.p. m-o-m).