Source: Economics Group of Wells Fargo Bank, N.A.
Summary
The JOLTS (Job Openings and Labor Turnover Survey) report offered the latest signs of tepid demand for labor. Job openings declined to 7.4 million in June, which left the number of job openings per unemployed worker little changed over the past year at 1.08. But the current balance in the jobs market remains delicate. The hiring rate fell to a seven-month low of 3.3% in June, with net employment growth remaining positive thanks to historically low layoffs.