Available positions totaled 11.25 million for the month, a considerable drop from the upwardly revised 11.68 million in April, according to the JOLTS report.
Self-Made Millionaire and Finance Expert Shares Her Top 18 ‘Recession Money Rules': It's ‘Reasonable to Be Worried'
Layoffs nudged higher during the month to 1.39 million after hitting a series low in April from data going back to December 2000. Job openings declined sharply in manufacturing and professional and business services while increasing in retail trade and leisure and hospitality.Markets will get a more up-to-date view of the labor market Friday when the BLS releases the monthly nonfarm payrolls report. Economists surveyed by Dow Jones expect growth of 250,000 jobs and an unchanged unemployment rate.
In other economic news Wednesday, the ISM Services Index for June registered a 55.3 reading, indicative of the percentage of firms seeing expansion. That was better than the 51.4 Dow Jones estimate through a deceleration from the 55.9 in May. The employment index fell to 47.4, a 2.8-point drop and indicative of contraction. The headline number was helped by an 8.5-point jump in backlogs, which rose to 60.5. Prices edged lower to 80.1, still well in expansion territory as inflation runs at a more than 40-year high.
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