JOLTS Data: US Job Openings Dip to 7.4m, Hiring Slows Amid Services Drag

Job openings in the US held dropped to 7.4 million in June, suggesting continued cooling in the labour market without signs of stress. Hiring and separations were largely unchanged at 5.2 million and 5.1 million, respectively, while the quits rate remained flat at 2.0%, according to the Bureau of Labor Statistics.

Openings declined in accommodation and food services (-308,000), healthcare (-244,000), and finance (-142,000), while gains were seen in retail (+190,000), information (+67,000), and state education (+61,000). Layoffs were unchanged at 1.6 million, and quits fell in professional services (-114,000).

The data add to evidence of a gradual rebalancing in labour demand, with reduced pressure on wages. Markets may view the release as consistent with a soft-landing narrative and supportive of a Federal Reserve pause.