Job Openings Fell in June, Suggesting That the Labor Market Is Cooling

on Aug3
by | Comments Off on Job Openings Fell in June, Suggesting That the Labor Market Is Cooling |

The number of job openings fell for the third consecutive month in June, a sign that the red-hot U.S. labor market may be starting to cool off.

Employers posted 10.7 million vacant positions on the last day of June, the Labor Department said Tuesday. That is high by historical standards but a sharp drop from the 11.3 million openings in May and the record 11.9 million in March. It was the largest one-month decline in the two decades that the government has kept track of this data, other than the two months at the beginning of the coronavirus pandemic in 2020.

Economists and policymakers will get a more up-to-date picture of the job market on Friday, when the Labor Department releases data on hiring and unemployment in July. Forecasters surveyed by FactSet expect the report to show that employers added about 250,000 jobs last month, down from 372,000 in June.



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