The number of U.S. job openings slipped to a 26-month low, but remain extremely elevated relative to the number of Americans actually seeking work. The Job Openings and Labor Turnover Survey (JOLTS) showed “just” 9.6 million job postings in June, the lowest since April 2021. This morning’s release also showed that layoffs had fallen to their lowest level of 2023, implying that employers are reluctant to part with workers when available labor is so scarce.

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