financetom
Economy
financetom
/
Economy
/
US job openings edge lower in June
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
US job openings edge lower in June
Jul 30, 2024 7:46 AM

WASHINGTON (Reuters) - U.S. job openings fell marginally in June and data for the prior month was revised higher, pointing to continued labor resilience that is underpinning the economy.

Job openings, a measure of labor demand, had dropped 46,000 to 8.184 million by the last day of June, the Labor Department's Bureau of Labor Statistics said in its Job Openings and Labor Turnover Survey, or JOLTS report, on Tuesday.

Data for May was revised higher to show 8.230 million unfilled positions instead of the previously reported 8.140 million. Economists polled by Reuters had forecast 8.0 million job openings in June.

Job openings have been steadily declining since hitting a record 12.182 million in March 2022 as demand moderates in response to the Federal Reserve's aggressive interest rate hikes.

A loosening labor market adds to subsiding inflation in building the case for the U.S. central bank to begin cutting rates in September. Fed officials started a two-day policy meeting on Tuesday and are expected to leave the central bank's benchmark overnight interest rate in the 5.25%-5.50% range, where it has been since last July.

The Fed has hiked its policy rate by 525 basis points since March 2022 to tame inflation.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
US construction spending unexpectedly falls in May
US construction spending unexpectedly falls in May
Jul 1, 2024
WASHINGTON (Reuters) - U.S. construction spending unexpectedly fell in May as higher mortgage rates depressed single-family homebuilding, and recovery is likely to be muted by improving housing supply. The Commerce Department's Census Bureau said on Monday that construction spending dipped 0.1% after an upwardly revised 0.3% increase in April. Economists polled by Reuters had forecast construction spending rebounding 0.2% after...
US job openings increase in May; layoffs rise
US job openings increase in May; layoffs rise
Jul 2, 2024
WASHINGTON (Reuters) - U.S. job openings increased in May after posting outsized declines in the prior two months, but layoffs picked up amid slowing economic activity. Job openings, a measure of labor demand, rose 221,000 to 8.140 million on the last day of May, the Labor Department's Bureau of Labor Statistics said in its Job Openings and Labor Turnover Survey,...
Powell says Fed needs more evidence of falling inflation before cutting rates
Powell says Fed needs more evidence of falling inflation before cutting rates
Jul 2, 2024
SINTRA, Portugal (Reuters) -The U.S. central bank still needs more data before cutting interest rates to ensure that recent weaker inflation readings give a true picture of what is happening to underlying price pressures, Federal Reserve Chair Jerome Powell said on Tuesday. Data for May showed the Fed's preferred measure of inflation did not increase at all that month, while...
Small Business Job Growth Moderates in June as Wages Hold Steady, Paychex Says
Small Business Job Growth Moderates in June as Wages Hold Steady, Paychex Says
Jul 2, 2024
10:58 AM EDT, 07/02/2024 (MT Newswires) -- Hiring by small businesses in the US decelerated in June on a monthly basis, while hourly earnings growth remained unchanged, data released Tuesday by Paychex ( PAYX ) showed. The jobs index came in at 100.29 in June, versus 100.58 in May and 101.37 last year, according to the Paychex Small Business Employment...
Copyright 2023-2025 - www.financetom.com All Rights Reserved