The June JOLTS data confirms the softer employment trend that began in the second half of 2024 but appears to retain the Federal Reserve's characterization of a labor market that is broadly in balance. This data will help allay fears of an imminent recession and will not shift the Federal Reserve out of its holding pattern on interest rates this week.

The number of job openings fell to 7.437 million (4.4 percent) in June, from an upwardly revised 7.712 million (4.6 percent) in May and compared to the expectation of 7.4 million in the Econoday survey of forecasters. Job openings are up by 25,000 compared to a year ago.

June hires were 5.204 million (3.3 percent), after 5.465 million (3.4 percent) in May, but were higher by 116,000 compared to June 2024.

The number of total separations was 5.060 million (3.2 percent) in June, vs 5.213 million (3.3 percent) in May. Within separations, June quits were at 3.142 million (2.10percent) after 3.270 million (2.0 percent) in May, while layoffs and discharges came in at 1.604 million (1.0 percent) following 1.611 million (1.0 percent) in May.

Job openings expected down at 7.400 million in June versus 7.769 million in May. That reflects more cautious hiring.

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.