JOLTS show continued gradual labor market easing

July JOLTS data from the US Bureau of Labor Statistics (BLS) showed a continuing decline in the job openings. The excess demand for labor continued to ease, and job openings fell in most broad industry categories.

Takeaways:

• The number of jobs openings continued to edge down in July. The downward drift since Spring 2022 has reduced worker shortages, although they remain high by historical standards

• The extent of job shortage has varied across industries, but job openings rates are now trending downward in nearly every sector.

• While JOLTS data still show a tighter-than-normal labor market, things are heading in the right direction. This is good news for future Federal Reserve interest rate decisions.

See the complete article on LinkedIn.