2023-08-01 14:10:33
U.S. job openings fell in June to their lowest level since April 2021. The labor market was generally strong, but suggested some softening in demand for workers.
Key point US job openings down to 9.582 million The median forecast of economists surveyed by Bloomberg was revised down to 9.61 million last month from 9.616 million (preliminary estimate of 9.824 million)
Hiring fell to its lowest level since February 2021. On the other hand, layoffs also decreased slightly, reaching the lowest level since December last year. Suggests that employers are reluctant to let go of personnel. Weekly statistics show that the number of new applications for unemployment insurance has also been trending downward recently, and the unemployment rate has hovered around a record low, which is consistent with layoffs being held back.
Upper row: Number of job openings, Lower row: Number of job openings per unemployed person
Source: Bureau of Labor Statistics
“Layoff data shows how employer demand for workers remains resilient,” said Nick Bunker, head of economic research at Indeed Hiring Lab, in a report. “In a downturn, the layoff data would be like a blaring emergency siren, but now it’s sending a quiet signal to those in the workforce that ‘everything is fine,’” he said. Stated.
The number of job openings in June fell, mainly in the goods-producing sectors such as manufacturing. Some service sectors, such as healthcare and entertainment, saw increases.
The unemployment rate, which is the percentage of voluntary turnovers, fell to 2.4%, the lowest level since February 2021.
Job vacancies have remained at record highs and have been a key argument for aggressive U.S. interest rate hikes over the past year and four months.
The number of job openings per 1 unemployed person was 1.6, almost unchanged from the previous month. Before the pandemic, the number was regarding 1.2.
For more information on the U.S. Department of Labor Survey of Employment Trends (JOLTS), see Statistical Tables.
Original title:US Job Openings Fall to Lowest Level Since 2021, Layoffs Ease(excerpt), US Job Openings Fell to 9.582M in June, Est. 9.6M (excerpt)
(Updates with expert comment below chart)
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