US Job Openings Fall In June After 2 Months Of Rise

U.S. job openings in June declined after rising for the previous two months, according to data from the Bureau of Labor Statistics.

Open positions at the end of June stood at 7.44 million, down from 7.71 million in May as revised by the bureau. This was slightly lower than a Bloomberg estimate of 7.5 million for the month.

Driving the decline in the job openings were accommodation and food services (-308,000), healthcare (-244,000), and finance and insurance services (-142,000).

On the other hand, job openings increased across retail trade (190,000), information (67,000), and state and local government education (61,000) categories.

Data also showed the hiring rate had slowed down considerably to 3.3%, which is the lowest since November, according to the report.

The job openings-to-unemployment ratio, or the number of vacancies per unemployed worker, which is a measure used by the Federal Reserve as a proxy for the balance between demand and supply of labor, stood at 1.1:1. It hit a peak of 2:1 in 2022, the report added.

Meanwhile, U.S. equities gained in Tuesday morning trading, continuing the momentum after the EU tariff deal was struck over the weekend.

The SPDR S&P 500 ETF (SPY), which mirrors the S&P 500 index, was up 0.13% at the time of writing, while the Invesco QQQ Trust (QQQ), which mirrors the Nasdaq 100, rose 0.32%. Retail sentiment around the S&P 500 ETF on Stocktwits was in the ‘bullish’ territory.

Investors will also keep an eye out for the crucial Fed meeting outcome scheduled for Wednesday.

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