A Manhattan mall on July 5.Spencer Platt/Getty Images
U.S. job openings fell marginally in June and data for the prior month was revised higher, pointing to continued labour resilience that is underpinning the economy.
Job openings, a measure of labour 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 labour 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.