The Labor Department reported on Tuesday that job openings decreased to 10.7 million down 605,000 for the month of June, hires were little changed at 6.4 million while total separations also remained steady at 5.9 million. This marks the lowest openings number since September, down from 11.3 million job openings in May, according to The Wall Street Journal.
The largest change in job openings came from the retail trade sector, seeing a decrease of 343,000 openings, while hires were mostly unchanged in all industries
Out of the total separations, the number of those who quit was little changed at 4.2 million or 3.9%, and layoffs and discharges came in at 1.3 million.
In the month of June, quits decreased in the construction industry by 51,000, while the wholesale trade sector saw 26,000 fewer layoffs and discharges.
The largest amount of job openings comes from the private sector as there are 9,766 openings, up 9% year-over-year, although down nearly 5% since May.
The Current Labor Environment: Over the past twelve months, labor costs have surged 5.1%, although when adjusting for inflation, labor costs fell 3.6% year-over-year, as reported by Reuters. Wages and salaries in the private sector increased by 1.6%.
According to the New York Post, technology companies laid off employees at the highest rate in the past two years, as there were roughly 13,600 layoffs across 52 companies in the first four months of 2022.
In June, Netflix Inc NFLX and Coinbase Global Inc COIN announced they would begin layoffs and let go of hundreds of employees, while Ford Motor Company F announced plans to cut 8,000 jobs in July.
Photo: Courtesy of Pioneer Library System on flickr
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.
All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.
Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.
Rate collection and criteria: Click here for more information on rate collection and criteria.