June JOLTS Report: On Tuesday, a survey showed a slight decrease in job vacancies and layoffs in June, easing economic concerns and highlighting the job market’s strength.
June’s JOLTS reported 9.58 million job opportunities, a 5% decrease from May’s revised 9.62 million. This was the fewest jobs since April 2021, while FactSet predicted 9.2 million positions.
The JOLTS report showed layoffs decreased from 1.55 million in May to 1.53 million in June.
Economists analyzed data to predict the job market’s future as the Federal Reserve raised interest rates to control inflation and economic growth.
Lightcast Senior Economist Rachel Sederberg said things are heading “in the Goldilocks direction,” sounding balanced and safe. The decrease in job opportunities and layoffs indicates a slowdown in labor demand, as predicted by the Federal Reserve. Companies retaining workers suggest a stable job market.
JOLTS data helps the Fed decide. The Fed raised rates by 5.25 points since March 2022.
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Indeed Hiring Lab’s economic research director, Nick Bunker, praised the Q2 U.S. economy. June JOLTS data confirms this. He warned that the current slowdown may be too gradual for some Fed officials due to declining employment openings. He noted that workers still have negotiating leverage, which is positive.
June job opportunities dropped 12.6%, per Labor Department data. 1.52 job openings per worker. Health care, social assistance, and state and local government job opportunities increased, while transportation, warehousing, utilities, and education job openings decreased.
Data showed manufacturing contracted in July. The ISM Manufacturing Index was 46.4, below 50, showing sector contraction. Industry jobs fell by 3.7 points, impacting the index.
Analysts await the ADP private sector hiring report, weekly jobless claims report and nonfarm payrolls report to gauge the economy. July jobs data will likely show 200,000 new jobs, down from 209,000 in June. 3.42% unemployment is forecasted.
Our Reader’s Queries
What does the Jolts report tell us?
The JOLTS report provides a monthly snapshot of the job market, revealing the number of job openings, hires, quits, layoffs, and other separations (including worker fatalities). This data is crucial in understanding the state of employment and labor turnover in the country.
What time is JOLTS data released?
Mark your calendars for January 30, 2024, at 10:00 A.M. Eastern Time, as that’s when the Next Release Job Openings and Labor Turnover data for December 2023 will be unveiled. Meanwhile, the State Job Openings and Labor Turnover data for November 2023 will be released on January 18, 2024, at 10:00 A.M. Eastern Time. Stay tuned for these important updates!
How often do you get a jolts report?
The JOLTS report, released monthly by the BLS under the U.S. Department of Labor, tracks job vacancies and separations, as well as the number of employees who voluntarily leave their jobs. It provides valuable insights into the state of the labor market and helps employers and policymakers make informed decisions.
What does a high JOLTS number mean?
When the ratio is 2-to-1, it indicates that there are twice as many job openings as there are unemployed workers. This suggests a significant surplus of job opportunities in comparison to the number of individuals seeking employment.