U.S. employers posted fewer jobs in June, a sign that the red-hot demand for workers that has been a key feature of the post-pandemic economy is cooling a bit.
File - College students arrive for a job fair at Atlanta Tech Village, Wednesday, March 29, 2023, in Atlanta. On Tuesday, the Labor Department reports on job openings and labor turnover for June. that has been a key feature of the post-pandemic economy is cooling a bit.
Tuesday's report means there are 1.6 jobs for every unemployed worker, down from a peak of 1.9 earlier this year. But that is still much higher than before the pandemic. Since the economy first emerged from the pandemic, job openings have soared — reaching a record 12 million in March 2022. Before the pandemic, they had never topped 7.6 million.
“There are fewer signs that there is true desperation among employers,” said Nick Bunker, research director at Indeed Hiring Lab, a online jobs site. “Wage growth is coming down.” Most economists would have expected such a sharp increase in interest rates to force widespread layoffs and higher unemployment. Instead, the unemployment rate has barely changed since the Fed began pushing up borrowing costs last year.
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