Job openings across the country declined in June, according to newly released data. Some experts believe it’s a sign that the economy is slowing.
New data released on August 2 by the U.S. Bureau of Labor Statistics shows that job openings are slowing while people leaving the workforce remains elevated.. American employers announced 10.7 millionjob openings in June, down from previous months. At the same time, the number of people who quit their jobs was still high, at 2.8 percent, but below the peak of the Great Resignation.
The data shows that:
On the last business day of June, the number and rate of job openings decreased to 10.7 million (-605,000) and 6.6 percent, respectively. The largest decreases in job openings were in retail trade (-343,000), wholesale trade (-82,000), and in state and local government education (-62,000).
According to a Washington Post article:
The June data follows several months of record-high job openings and quit rates, which marked the high point of the hot labor market, as employers scrambled to find workers amid shortages across many sectors. June’s figures continue to reflect a strong labor market.
According to the Post, “The slowing down in the labor market is related to mounting head winds in the economy,” including the high inflation of the last few months. The article specifically noted the decline in retail openings and what it could indicate:
The retail and wholesale trade sectors saw a notable decline in job openings in June, which could reflect a shift in consumer demand away from goods toward services that people cut back on during the pandemic, such eating out, going to the movies and travel.
Read the Washington Post article.
Access the June labor market data from the Bureau of Labor Statistics.
At the 2022 MACo Summer Conference general sessions, “Help Wanted Part 1: Getting Over the Hiring Slump” and “Help Wanted Part 2: Recipe for Retention,” esteemed panels of leaders and policy experts will explore the current challenges in Marylander’s evolving workforce and new and innovative approaches to hiring and retention.
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