Wells Fargo Reports: Job Openings and Hiring Picked Up in June

Wells_Fargo_Securities_logoJob openings posted another solid gain in June as businesses look to step up hiring. The job opening rate now

matches the highs of the past expansion, while more workers are voluntarily quitting their jobs.

Labor Market Tightening

· The June JOLTS report showed firms are increasingly ready to

hire. Job openings rose to the highest level in 13 years and

indicate continued strong job gains in the months ahead.

· The surge in job openings in recent months is another sign of a

tightening labor market. The number of unemployed workers

per job opening has fallen to 2.0 from 3.0 a year earlier and

suggests less labor market slack than the unemployment rate.

Churn Improving

· Opening rates for the leisure & hospitality and professional &

business services industries have turned up sharply in recent

months, suggesting continued job gains at both ends of the wage


· Quits continue to account for a rising share of separations as

workers view more opportunities in the labor market, while

gross hiring climbs steadily

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