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Job Turnover Eased in June as Labor Market Cooled



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The NewsJob turnover decreased in June, the Labor Department reported on Tuesday, suggesting that the American labor market continues to slow down from its meteoric ascent after the pandemic lockdowns.The NumbersThere were 9.6 million job openings in June, roughly the same as a month earlier, according to the Job Openings and Labor Turnover Survey (JOLTS).Employers have tightened the screws on hiring in recent months, with job openings falling to their lowest level since April 2021 as the economy responds to tightening monetary policy.The most notable changes in June were not in job openings but in hiring and quitting. There were 5.9 million hires in June, down from 6.2 million in May. And the quits rate, a measure of workers’ confidence in the job market and bargaining power, decreased to 2.4 percent, from 2.6 percent in May and down from a record of 3 percent in April 2022. The number of workers laid off was 1.5 million, about the same as in May.Quotable: ‘The labor market is unbalanced.’“We’re still in an economy where the labor market is unbalanced,” …

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