The BLS released their latest JOLTS report and shows 10.7 million job openings which is a decline from the high of 11.3 million however the number is still higher than normal.
The number of job openings decreased to 10.7 million on the last business day of June, the U.S. Bureau of Labor Statistics reported today. Hires and total separations were little changed at 6.4 million and 5.9 million, respectively. Within separations, quits (4.2 million) and layoffs and discharges (1.3 million) were little changed. This release includes estimates of the number and rate of job openings, hires, and separations for the total nonfarm sector, by industry, and by establishment size class.
It will be interesting to see the report for July next month and confirm the trend but with the Fed raising interest rate again in July, it will be more expensive to borrow so businesses that were hiring based on debt will have a tougher time in the future.
We still see “Now Hiring” signs everywhere especially around restaurants but will it last? In the meantime stay tuned and stay solvent…