And the quits rate, a measure of workers’ confidence in the job market and bargaining power, decreased to 2.4 percent, from 2.6 percent in May and down from a record of 3 percent in April 2022.
Quotable: ‘The labor market is unbalanced.’“We’re still in an economy where the labor market is unbalanced,” said Michael Strain, an economist at the American Enterprise Institute, “with the demand for workers substantially outpacing the supply of workers.” There are roughly 1.6 job openings for each unemployed worker.
The June JOLTS report provides more optimism that the Fed is approaching that soft landing, as demand for workers remains robust while tapering gradually.
Inflation remains high by historical standards — at 3 percent, according to the latest data — but has eased substantially.
“This is a really strong labor market that is staying strong but slowing down,” said Preston Mui, a senior economist at Employ America, a research and advocacy group focused on the job market.
Persons:
“ We’re, ”, Michael Strain, Preston Mui
Organizations:
American Enterprise Institute, “, Reserve
Locations:
America