JOLTS: Openings Fall As Quite Rate Resumes Slide

Bottom Line:  The Job Openings Layoffs and Turnover Survey showed sharply lower job openings in June, and (unlike in May) there were downward revisions to previously reported openings. Importantly, the quit rate, which had been ticking surprisingly higher again, resumed the downtrend. Hiring was also notably lower across most sectors. Leisure and hospitality, a source of much of the labor tightness in 2022, continued to see lower hiring and significantly lower openings. Overall, while openings are structurally higher in this cycle relative to total employment, they are beginning to decline. The trends suggest the historically tight labor market is slowly slackening.