U.S. job openings fell to the lowest level in more than two years in June, but remained at levels consistent with tight labor market conditions, which could spur the Federal Reserve to keep interest rates elevated for some time.
Labor market resilience was underscored by the third straight monthly decline in layoffs as employers hoard workers after difficulties finding labor during the COVID-19 pandemic. There were 1.61 job openings for every unemployed person in June, up from 1.58 in May
The report from the Labor Department on Tuesday, however, suggested workers are growing a bit less confident in the labor market, with resignations plunging by the most since April 2020. Fewer workers changing jobs over time bodes well for slowing wage growth and ultimately overall inflation.
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