JOLTS: Hints of Looser Labor Markets

Bottom Line:  The Job Openings Layoffs and Turnover Survey revealed fewer job openings and hires than expected in June. While still near record levels, openings reveal some easing of tight labor markets. The JOLTS report is lagged relative to other labor market indicators but provides greater granularity than most. Private sector hiring has turned lower on a trend basis after sharp declines in the retail trade sector, which includes jobs related to goods transportation. Turnover slowed, and the quit rate appears to have topped out earlier this year as workers feel less emboldened to leave jobs seeking new, higher-paying jobs. Overall, the labor market remained tight through the first half of this year, but there were signs that some slack was building.