Job Openings And Hiring Edge Lower

Moderation in labor demand is this year's theme of the JOLTS report, extended to June when job openings edged 0.5 percent lower to 7.348 million from May's 7.384 million. Hires also eased, down 1.0 percent to 5.702 million from 5.760 million. Openings still remain far above hires, at 1.646 million, but openings are starting to show some wear and are down 0.6 percent from June last year. Quits, which are tracked by Federal Reserve officials for indications of worker mobility and related wage pressure, remain flat, at 3.433 million and down slightly from May with the quits rate unchanged at 2.3 percent. This report hints at easing capacity pressure in the labor market and will likely be welcome by Fed officials who, with last month's rate cut, are adding new stimulus to the economy.