US job openings fell 178,000 in June to 7.36 million, the lowest since March, signaling a cooling labor market.
Macro & Markets ·
US job openings fell by 178,000 in June to reach 7.36 million, marking the lowest level since March and the second consecutive monthly decline. The drop of 226,000 positions over two months was concentrated in private education and health services, which shed 133,000 openings, along with leisure and hospitality at 86,000. Wholesale trade and professional and business services accounted for an additional 145,000 in combined reductions.
Despite the contraction, a significant gap persists between available positions and jobless workers. The number of unfilled vacancies exceeds unemployment by 265,000—the second-largest such differential since January 2025—while the ratio of openings to unemployed workers held steady at 1.0, described as the highest since January 2025.
The successive monthly declines signal a marked shift in labor market conditions, though the persistent surplus of positions relative to jobless workers leaves questions about the duration and depth of any further cooling.