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.
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.
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