Job Openings Fall to 9-Month Low

In the first of four major employment reports this week, the Bureau of Labor Statistics reported job openings in the U.S. fell at the fastest rate in more than two years, to a nine-month low. Despite the drop, overall job market conditions remain tight.

The BLS Job Openings and Labor Turnover Survey, known as JOLTS, reported job openings fell to 10.7 million in June, well down from the 11.4 million reported in May. It represented the first time job openings fell under 11 million in nine months; until last year, job openings had never topped 8 million.

The so-called “Great Resignation” appeared to continue: 4.2 million workers voluntarily quit their jobs in June, BLS reported, a rate unchanged at 2.8 percent. Total hires fell slightly to 6.4 million in June from 6.5 million in May; total separations, including layoffs and voluntary quits, fell to 5.9 million in June from 6.0 million in May.

On the last business day of June, the number and rate of job openings decreased to 10.7 million (-605,000) and 6.6 percent, respectively. The largest decreases in job openings were in retail trade (-343,000), wholesale trade (-82,000), and in state and local government education (-62,000).

The rate of total separations in June was unchanged at 3.9 percent. Quits decreased in construction (-51,000). Quits increased in state and local government education (+14,000).

The parade of jobs reports continues this morning with the ADP National Employment Report (8:30 a.m. ET). On Thursday, the Labor Department releases its weekly Initial Claims for unemployment insurance report (8:30 a.m. ET); on Friday, BLS releases its monthly Employment Situation report on July jobs (8:30 a.m. ET).

MBA Chief Economist Mike Fratantoni will provide commentary and analysis on the Friday employment numbers in the Monday, Aug. 8 edition of MBA NewsLink.