JOLTS (the Job Openings & Labor Turnover Survey) from the Bureau of Labor Statistics showed June job openings fell slightly month-over-month despite an uptick in the separations (quits plus layoffs) rate. The decline in openings wasn’t large and the broad trend of higher openings remains broadly in place, but details of the report were also broadly weaker month-over-month.
The quit rate did not rise either, with private quits on their ceiling of 2.2% and the total quit rate (including government workers) sitting at 1.9%. While the quit rate has not been rising, which would indicate confidence on the part of labor, it hasn’t continued to rise in almost a year now, moving back and forth in a range.
In our last chart, we update our monthly view of sectors that should be quite susceptible to wage pressures. As shown below, none of the “low skill, marginal worker” type sectors saw marked acceleration in quit rates, which remain embroiled near the bottom of their recent trends despite month-over-month gains for several of the series.