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U.S. labor market was stable in June 2024 with the number of job openings holding steady at 8.2 million, matching the previous year's figures, according to the U.S. Bureau of Labor Statistics. The month also saw little change in hiring and total separations, with both metrics reflecting a consistent labor market.
Over the past year, the job openings have seen a notable decrease by 941,000 positions, primarily in sectors like durable goods manufacturing and the federal government. However, there were significant increases in sectors such as hospitality and food services and state and local government, excluding education. Hiring also decreased over the year by 554,000, marking a subtle downturn in labor market dynamics.
June 2024's hiring rate remained constant at 3.4 percent with 5.3 million hires, indicative of a stable employment landscape. Total separations, which include quits, layoffs, and other types, also showed little change, totaling 5.1 million. This stability extends across various separations, with quits slightly down by 434,000 from the previous year and layoffs and discharges at 1.5 million.
The rate of quits remained at 2.1 percent, underlining a stable but cautious willingness among workers to change jobs. Notably, the sectors of construction and state and local government education experienced the largest declines in quits. Conversely, layoffs and discharges saw a minor decrease in sectors like finance and insurance, hinting at an overall resilient job market.
Analyzing the data by establishment size, smaller establishments with 1 to 9 employees saw little change in job openings, hires, and total separations rates. In contrast, the largest establishments with 5,000 or more employees saw a decrease in layoffs and discharges rates, suggesting differing impacts of market conditions based on establishment size. This granularity highlights the nuanced effects of economic conditions across different employment scales.