Job openings fell more than expected on the last business day of June, according to the Bureau of Labor Statistics…(BLS)
- The number of job openings decreased to 10.7 million and the rate fell to 6.6% on the last business day of June.
- Economists had projected a smaller drop to 11.0M.
Job openings fell under 11 million for the first time since December thanks to a 343,000 drop retail trade followed by wholesale trade (-82,000), and state and local government education (-62,000).
The Great Resignation continues, for now, with quits little changed at 4.2 million. Quits in construction saw the biggest decrease with 51,000 fewer in June while quits saw the biggest increase in local government education with additional 15,000.
- NOTE: Layoffs and discharges were little changed at 1.3 million.
Ben Casselman at the New York Times wrote that despite the big drop in job openings the labor market remains strong. “The drop was concentrated in retail, the latest sign that the sector is struggling as consumers shift their spending from goods back to services as the pandemic ebbs…The job market remains strong by most measures. There were still nearly twice as many job openings as unemployed workers in June…”