Number of Job Openings Shrinks as US Labor Market Continues Cooling Off

Published on July 30, 2024

The number of available jobs in the U.S. labor market is shrinking, and fewer workers are quitting their positions, new data from the Bureau of Labor Statistics (BLS) show. According to the federal agency’s monthly Job Openings and Labor Turnover Summary (JOLTS) report, job openings fell by 46,000, to 8.184 million, in June. This was also down by 941,000 from the same time a year ago and came in slightly higher than the consensus estimate of 8 million. This is significantly down from the March 2022 peak of 12.2 million. The job openings rate was flat at 4.9 percent. Most of the gains in employment opportunities were concentrated in accommodation and food services (120,000) and state and local government excluding education (94,000). The number of job openings tumbled in durable goods manufacturing (negative 88,000) and the federal government (negative 62,000)....

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