The number of job openings in June is down 34,000 to 9.582 million after a downward revision to 9.616 million in May. The June level is below the consensus of 9.650 million in the Econoday survey of forecasters. The job openings rate is unchanged at 5.8 in June from May. Declines in the number of job openings are widespread, but a few categories have gains that nearly offset the decreases. Most notable is the 136,000 in health care and social assistance. The June level is the lowest since 9.288 million in April 2021.

While the number of job openings is trending lower, this is still a strong labor market with plentiful jobs available. If the pace of hiring is down, businesses continue to avoid laying off workers out of concern about losing skilled employees who might be difficult to replace later.

The number of new hires is down 326,000 to 5.905 million in June after 6.231 million in May. Hiring is down 311,000 in the private sector and 16,000 in government. The largest decline in private hiring is 146,000 in trade, transportation, and utilities of which 93,000 is in retail. The hiring rate is down 2 tenths to 3.8 in June.

The total number of job separations is down 288,000 to 5.637 million in June after 5.925 million in May. Separations by private employers are down 257,000 and government is down 31,000. Separations are down 134,000 in the retail sector, while up 129,000 in professional and business services. The separations rate is down 2 tenths to 3.6 in June.

Voluntary job quits are a subset of job separations. In June, quits are down 295,000 to 3.772 million after 4.067 million in May. The decline suggests less churn in the labor market from people leaving one job for another. The quits rate is down 2 tenths to 2.4. However, the pace of quits remains elevated in the historical context.

Actual layoffs remain few. The number of layoffs and discharges in June is down 19,000 to 1.527 million. The number of private sector layoffs is down 4,000 to 1.456 million and government is down 15,000 to 71,000. The manufacturing sector has a decrease of 28,000 in layoffs and discharges and retail is down 42,000. There is a 112,000 increase in layoffs of professional and business services.

May's 9.824 million was near expectations and pointed once again to still strong but slowing demand for labor. The consensus for June is additional easing to 9.650 million.

The Labor Department's JOLTS report tracks monthly change in job openings and offers rates on hiring and quits. The reporting period lags other employment data including the employment situation report. The word JOLTS stands for Job Openings and Labor Turnover Survey.

Although lagging the release timing of the employment situation report by a month, JOLTS provides additional information on the labor market. The payroll survey in the employment situation report provides numbers on net job changes. JOLTS breaks down labor market data into pre-net changes such as job openings, hires, and separations.