US June JOLTS job openings fall to 7.359 million, easing case for early rate hike
Macro
The US Labor Department reported that June JOLTS job openings fell to 7.359 million, down from 7.537 million in May, missing market expectations and hitting the lowest level since March. The decline was partly due to the winding down of temporary hiring related to the World Cup. The quits rate held steady at 2.0 percent from the prior month, while the number of quitters rose to 3.232 million, the highest in a year, signaling worker confidence. Job openings per unemployed person were little changed at 1.04, remaining below pre-pandemic levels. The number of workers leaving the labor force dropped by 720,000, the largest decline in six years, with notable decreases in healthcare and leisure and hospitality. The layoff rate was stable at 1.1 percent, consistent with low levels of jobless claims. The data point to a cooling labor market and continued easing of wage inflation pressures, suggesting the FOMC has less urgency to raise rates soon.
