The job market is showing signs of slowing as job vacancies fall

Amid record-high inflation and rising interest rates, job vacancies fell 6.6% in June to 10.7 million this month from 11.3 million in May, according to the latest Labor Department report.

June marks the first time since December 2021 that job vacancies have fallen below 11 million, while they never surpassed 8 million in a month prior to last year.

Most vacancies were found in retail, wholesale, and state and local education.

The number of Americans who have quit their jobs also fell to 4.2 million, while layoffs fell to 1.3 million this month from 1.4 million in May.

New hires also hit the brakes, falling 2% to 6.37 million jobs, with layoffs changing little at 3.9% or 5.9 million. Separations also fell slightly by 1.4% to 5.93 million.

US employers have found it challenging to fill vacancies this year despite rising inflation and interest rates. Employers added an average of 457,000 jobs per month in 2022, with unemployment near a 50-year low, the Associated Press reported.

While some experts believe the US is in recession as gross domestic product has contracted for two straight quarters, others say low unemployment combined with available jobs proves otherwise.

Even if job listings fall, there are 1.8 jobs for every available worker, making the total difference nearly 4.8 million, CNBC found.


Photo: AFP / OLIVIER DOULIERY The job market is showing signs of slowing as job vacancies fall

Fry Electronics Team

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