The US job openings reached another high in June, underscoring the challenges among businesses to rehire.
Source: US Department of Labor
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Openings increased to 10.1 million in June from 9.5 million, beating estimates of 9.28 openings by a Bloomberg survey of economists.
The US economy added 938,000 nonfarm payrolls in June, beating forecasts and signaling a sharp increase in the labor market’s recovery.
The ratio of available-worker-to-opening dropped to 0.9, the first reading below 1 since the start of the pandemic. The ratio reveals a greater demand for workers than jobs as the labor shortage drags on.
The professional and business services sector recorded a significant increase of openings of 227,000. The rate of job openings in the U.S. increased to 6.5% from 6.1%.
Quits increased to 3.9 million from 3.9 million. Quitting was the highest in the retail, restaurant, and accommodation sectors. The increase in quits implies workers are confident of getting jobs in other sectors as the post-pandemic economy continues.