Labor Market Slowdown Begins... US June Job Openings at 9-Month Low

[Asia Economy New York=Special Correspondent Joselgina] An indicator showing that the U.S. labor market is slowing down has emerged.

According to the June Job Openings and Labor Turnover Survey (JOLTS) released by the U.S. Department of Labor on the 2nd (local time), the number of job openings at U.S. companies in June was 10.7 million, down 605,000 (5.4%) from the previous month. This marks a decline for three consecutive months and is the lowest level since September last year.

The figure is also well below market expectations (11.14 million). By industry, more than half of the total decrease in job openings, 343,000, occurred in the retail sector.

Along with this, the number of hires in June was 6.37 million, down 2% from the previous month. The number of quits slightly decreased from 4.3 million to 4.2 million, showing little change.

Nick Bunker, an economist at the job site Indeed, said, "The job openings market is slowing down," adding, "There are still many opportunities for job seekers, but they are not increasing further."

Earlier, the weekly initial unemployment claims released by the Department of Labor last week also reached the highest level since mid-November last year, confirming signs of cooling in the labor market.

This content was produced with the assistance of AI translation services.