Labor Market Slowing: Job Openings Drop To 4 Month Low As Hiring Slows Most In 2 Years

Just in case the last few payrolls reports weren't sufficient to inform the general public that the US economy is slowing, moments ago we got the latest JOLTS which confirms that the US labor market is going through a rough patch, as the total number of job openings printed at 7.348 million, which while above the 7.326 million expected, was -36K below the upward revised May print of 7.384 million, and the lowest since February.

That said, even with the slowing number of job openings, there was still more than 1.3 million more job opening than unemployed workers.

Perhaps more concerning is that for another month, we saw continued decline in the number of hires, which slid by 58K to 5.702MM, roughly in line with what the payrolls implied number suggested...

... but it was also 2.2% below the year-ago print, resulting in the biggest percentage decline in the number of hires year over year as the job market clearly slows.

Finally, the last concerning indicator was the so-called "take this job and shove it indicator", the total level of "quits" which shows worker confidence that they can leave their current job and find a better paying job elsewhere. This number showed another decline, this time by 45K workers, to 3.433 million, a new 2019 low, suggesting that US workers are becoming increasingly unsure they can find a better paying job elsewhere.