US job openings fell slightly in June and data for the prior month were revised higher, pointing to continued resilience in the labor market that is propping up the economy.
Job openings, a proxy for labor demand, fell by 46,000 to 8.184 million on the last day of June, the Department of Labor’s Bureau of Labor Statistics reported Tuesday in its Job Openings and Labor Turnover Survey (JOLTS).
May’s data was revised up to show 8.23 million unfilled jobs, instead of the 8.14 million previously reported. Economists polled by Reuters had forecast 8.0 million vacancies in June.
The Job offers have decreased since hitting a record $12.182 billion in March 2022 as demand moderated in response to the Federal Reserve’s aggressive interest rate hikes.
The weakening labor market is adding to the moderation of inflation for the US central bank to begin to cut rates in September. Federal Reserve officials began a two-day policy meeting on Tuesday and are expected to keep the central bank’s benchmark overnight interest rate in the 5.25%-5.50% range, where it has been since last July.
The Federal Reserve has raised its policy rate by 525 basis points since March 2022 to control inflation.
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