It's the beginning of the end of the labor shortage
Job openings tumbled to 10.7 million from 11.3 million in June, according to, or JOLTS, data published Tuesday morning. That landed below the median estimate of 11 million openings from economists surveyed by Bloomberg. It also marked the lowest count since September and the largest one-month drop since the start of the pandemic.
Job listings ticked higher within the finance and insurance sector, with such firms adding 31,000 openings. Educational services added 22,000 openings.is fading. Job openings skyrocketed through 2021 as vaccine rollouts and economic reopening prompted a scramble among employers to ramp up operations. But where labor demand quickly rebounded, the count of available workers rose at a much slower pace. That imbalance persisted through 2022 and came to define the pandemic-era workforce.
To be sure, there's still a way to go before worker supply is back to pre-crisis levels. Labor force participation — the share of Americans either working or actively seeking work — dipped in June to 62.2%, according to government data published last month. That's down from the pre-pandemic February 2020 reading of 63.4%.
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