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JOLTS job openings slip in June as labor market cools gradually
Vacancies fell to 7.36 million, while hires stayed near 5.35 million, keeping labor demand resilient despite fewer openings.
US job openings edged lower in June, but the overall labor market picture pointed to a gradual cooling rather than a broad deterioration, according to JOLTS data highlighted by Action Forex.
The Job Openings and Labor Turnover Survey showed vacancies easing from a revised 7.54 million in May to 7.36 million, and the job openings rate slipping from 4.5% to 4.4%. Hires were little changed at 5.35 million, while total separations also held broadly steady, suggesting employers continued retaining staff even as hiring momentum softened.
The report also showed some unevenness across industries, with job openings rising in transportation, warehousing, utilities, and the federal government, while falling in wholesale trade, nondurable goods manufacturing, and mining and logging. Workers’ mobility remained subdued, with quits unchanged at 3.2 million and layoffs and discharges steady at 1.8 million.
Action Forex said the data are unlikely to materially alter expectations for Federal Reserve policy. With attention shifting to ADP employment on Wednesday and Friday’s Non-Farm Payrolls, the releases are expected to carry more weight in how markets adjust expectations for any potential additional rate hike later this year.