The US labor market just flashed another yellow light. Job openings dropped to 7.359 million in June, according to the Bureau of Labor Statistics’ JOLTS report released on August 4, marking the lowest reading since March and falling well short of the 7.44 million economists had penciled in.
That’s a decline of 235,000 from May’s 7.594 million.
Where the jobs disappeared
The pain wasn’t evenly distributed. Healthcare took the biggest hit, shedding 147,000 openings in a single month. Leisure and hospitality followed with a decline of 86,000. Wholesale trade lost 74,000 openings, and business services dropped 71,000.
Here’s the thing: hiring itself didn’t collapse. Total hires held steady at 5.3 million, and total separations were essentially flat at 5.4 million. Companies aren’t firing people en masse. They’re just quietly pulling down the “help wanted” signs.
