The U.S. labor market showed further signs of slowing down in the month of June, as there were reportedly less job openings and more resignations.
According to the Bureau of Labor Statistics, the number of job openings in the U.S. declined from 6.9 million in the month of May to 6.2 million in the month of June. The decline was not limited to the private sector, as job openings in the state and local government sector also took a hit, falling from 612,000 in May to 589,000 in June.
The data also showed that the number of unemployed individuals who had voluntarily quit their jobs (resignations) had hit a seven-month high. This indicates that there could be a lack of job security in the labor market, as more individuals choose to leave their jobs because of uncertainty about their future prospects.
The decrease in job openings and increase in resignations is likely to be have negative implications for the labor market, as it indicates that employers are struggling to find reliable workers and that workers may not have strong job security in the near future.
The decline in job openings could also have implications for wages, as employers may be forced to lower wages in order to meet their labor costs. This could lead to a decrease in overall wages in the economy, which would further contribute to the slowing of economic growth.
While the data indicates that the labor market is slowing down, it is still too early to make any definitive conclusions about the overall economic outlook for the United States. Further updates from the Bureau of Labor Statistics will be required in order to get a more accurate picture.