U.S. June JOLTS report shows job openings correcting lower but Q2 remains positive
June’s JOLTS report has shown a 178k decline in job openings with May revised to a 48k decline from a 9k increase. With April having seen a strong 698k increase the 3-month average is still firm at 157k, while the 6-month average is similar at 135k. Q1 also saw a strong rise at the start of the month and corrections lower in February and March.
Elsewhere the report shows gains of 96k in hires and 91k in separations, with most of the separations coming from 79k in quits, a sign of optimism on the labor market. However the difference between hires and separations is minimal for a second straight month, and that would be consistent with two straight months of near unchanged payrolls, underperforming published payroll data for May and June. This hints at risk that payroll revisions will be negative with July’s report on Friday.
