US JOLTS Data Highlight Falling Labor Market Slack

A June surge in US job openings to a record indicates demand for workers remained strong at the end of the second quarter, a Labor Department report showed Tuesday.

The gain in job openings underscores the need for workers in an economy that’s continuing to expand. At the same time, the pool of qualified Americans is shrinking and making some positions tougher to fill, one reason economists expect the monthly pace of hiring will eventually cool. July figuresreleased last week showed payrolls increased more than forecast while the unemployment rate matched a 16-year low, as Americans came off the sidelines to join the labor force and many found work.

The JOLTS report also showed fewer people quitting their jobs, considered a gauge of workers’ willingness to voluntarily leave because they’re confident of finding a better job. That indicates faster wage growth, which has remained elusive in recent years, may still take time to materialize. The quits rate, which remains near its post-recession high, is among indicators of labor-market slack that Federal Reserve Chair Janet Yellen monitors.

Bloomberg

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