Friday, August 10, 2018
U.S. job openings edged higher in June, providing evidence of a job market that's still tight with Americans feeling confident enough to leave their positions for other work, Labor Department data showed on Tuesday, Aug. 7.
The number of positions waiting to be filled increased by 3,000 to 6.66 million in June, according to the Job Openings and Labor Turnover Survey, or JOLTS. Hiring fell to 5.65 million from 5.75 million, in May, as the hiring rate fell to 3.8% from 3.9%. About 3.4 million Americans quit their jobs, down from 3.48 million in May, leaving the quits rate unchanged at 2.3%. Layoffs rose to 1.72 million from 1.62 million.
The elevated number of job postings shows companies are still expanding though having trouble finding employees from a shrinking pool or because of a skills mismatch. It's another sign, in line with other employment data, that shows a robust labor market.
In May, a record 3.48 million Americans quit their positions. The steady quits rate shows Americans leaving their jobs remain confident about finding new work that likely pays more and offers better benefits. Although it lags the Labor Department's main jobs data by a month, the JOLTS report adds context to monthly payrolls figures by measuring dynamics such as resignations, help-wanted ads and the pace of hiring.
Openings increased in construction, manufacturing, finance, and education and health services; they fell in trade and transportation.
In the 12 months through June, the economy created a net 2.5 million jobs, representing 66.6 million hires and 64.1 million separations.
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