August 11, 2016
The U.S. Labor Department’s monthly Job Openings and Labor Turnover Survey (JOLTS) reported an increase in job openings in June. At the same time, job layoffs dropped to their lowest levels in nearly two years.
Job openings measure labor demand, and in June, openings rose 110,000 to a seasonally adjusted 5.6 million (3.8% increase). Layoffs fell to 1.6 million in June, from 1.7 million.
The report also suggested a tightening labor market and growing skill shortage. “It is clear that demand for labor is not the problem and there is nothing monetary policy can do to address a mismatch between the needs of employers and the skills of job seekers,” said John Ryding, chief economist at RDQ Economics in New York.
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