?Job openings fell by over 600,000 to 10.7 million in June, according to the monthly JOLTS report released by the U.S. Bureau of Labor Statistics. The largest decreases in job openings were in retail and public education. The drop in job openings marks the third month in a row of declines, indicating that labor shortages are beginning to ease, although levels remain nearly twice as high as the pre-pandemic norm.
June also marks the 13th consecutive month that more than 4 million workers left their jobs. Quits fell by 37,000 in June, but the sustained wave of quitting signals that workers continue to feel comfortable enough amid record-high openings to switch jobs in pursuit of higher pay or better working conditions.
The recovery in labor force participation still has a long way to go, leaving the labor market with a massive gap between supply and demand that’s pushing labor costs and wages higher. Job openings outnumbered unemployed workers by about 4.8 million in June.
Layoffs ticked down during the month to 1.3 million.
