The number of job openings in June totaled 7.348mm which is down slightly from the 7.384mm seen in May but about 20k more than expected. It’s about in line with the average seen so far this year of 7.391mm. The number of hiring’s though did fall for a 2nd month and the number of people quitting also was down but the rate for each was unchanged m/o/m. Job openings held steady for manufacturing, fell in construction, bounced in trade/transport and rose for real estate/rental/leasing. The demand for education/services jobs were strong as expected. The demand for leisure/hospitality workers did drop and this has been an area of strength in terms of hiring in this expansion.
Bottom line, we have to keep in mind the dated nature of this figure, especially with everything that has happened since with the moderation seen in July hiring and the escalation of the trade fight on August 1st. That said, at least thru June the demand for labor was pretty strong, albeit flat lining over the past year, but with companies knowing at the same time the difficulty in filling these spots.
JOB OPENINGS