Job openings posted another solid gain in June as businesses look to step up hiring. The job opening rate now matches the highs of the past expansion, while more workers are voluntarily quitting their jobs.
Labor Market Tightening
- The June JOLTS report showed firms are increasingly ready to hire. Job openings rose to the highest level in 13 years and indicate continued strong job gains in the months ahead.
- The surge in job openings in recent months is another sign of a tightening labor market. The number of unemployed workers per job opening has fallen to 2.0 from 3.0 a year earlier and suggests less labor market slack than the unemployment rate.
Churn Improving
- Opening rates for the leisure & hospitality and professional & business services industries have turned up sharply in recent months, suggesting continued job gains at both ends of the wage spectrum.
- Quits continue to account for a rising share of separations as workers view more opportunities in the labor market, while gross hiring climbs steadily higher.
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