“The labor market is settling back into a rhythm as demand for talent falls into its pre-COVID routine.”
-- RedBalloon CEO Andrew Crapuchettes
The Bureau of Labor Statistics released the Job Openings and Labor Turnover Survey for June showing that the US economy has 8.2 million job openings. That’s unchanged from last month’s report but down nearly a million over the last 12 months. Hires and separations remained steady from last month’s report at 5.3 million and 5.1 million.
“The question is, how will the Federal Reserve interpret this trendline,” Andrew Crapuchettes, RedBalloon CEO and labor market data analytics expert said. “Over the last year, we’ve seen a settling of the labor market from the COVID shock back into the rising trendline of job openings created by the systemic growing shortage of talent.”
The labor market's return to a rising trendline of job openings underscores the pressing issues that need to be addressed. Any interpretation of these trends by the Federal Reserve will be pivotal in shaping future economic policies. Read the full JOLTS numbers here.