The hot labor market could be starting to soften, as U.S. employers posted 10.7 million job openings in June, tapering off a bit from previous months.
The June data follows several months of record-high job openings and quit rates, which marked the high point of the hot labor market, as employers scrambled to find workers amid shortages across many sectors. June’s figures continue to reflect a strong labor market.
“What we’re seeing in June will get quite a bit worse in July,” Pollak said. “That’s because [the Fed] is throwing a lot of cold water on the economy generally and causing a huge amount of uncertainty.”of Americans quit their jobs over the past year, in a phenomenon known as the Great Resignation, as a hot labor market spurred by the pandemic afforded them leverage to find better-paying opportunities, particularly in leisure and hospitality.
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