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7mo ago

U.S. Job Openings and Hiring Fall in June, Pointing to Slowing Labor Market

Following June’s slowdown in job openings and hiring, the Fed paused rate moves at 4.25%-4.50%, setting the stage for a July report forecasting weaker payroll gains alongside rising unemployment.

People speak with job placement and professional development representatives during a job fair for federal workers, organized by the National Treasury Employees Union (NTEU) in Kansas City, Missouri, U.S. March 15, 2025. REUTERS/Chase Castor/File photo
People line up outside a temporary unemployment office established by the Kentucky Labor Cabinet at the State Capitol Annex in Frankfort, Kentucky, U.S. June 17, 2020. REUTERS/Bryan Woolston/File Photo
Protesters attend a pro-immigration rally as the Los Angeles City Council meets to consider adopting a "Sanctuary City'' ordinance at City Hall in Los Angeles, California, U.S. REUTERS/Daniel Cole
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Overview

  • Job openings fell by 275,000 to 7.437 million in June while hiring declined by 261,000 to 5.204 million, according to the Labor Department’s JOLTS report.
  • Accommodation and food services drove the steepest sectoral pullback with openings down 308,000 and hiring off by 106,000.
  • Layoffs remained subdued at 1.604 million and quits held steady at about 3.1 million, underscoring employer efforts to retain staff.
  • Initial jobless claims edged up by 1,000 to 218,000 for the week ending July 26, reflecting a labor market that is cooling but not yet weakening sharply.
  • Economists surveyed by FactSet and Reuters forecast the July jobs report to show between 102,000 and 115,000 new positions and an unemployment rate rising to about 4.2%.