The number of job openings in the United States fell sharply in June as the Federal Reserve hiked interest rates, gas prices hit record highs, inflation soared, and growth in consumer spending slowed.
There were 10.7 million postings for job openings on the last business day in June, the U.S. Bureau of Labor Statistics said Tuesday, down from an upwardly revised 11.3 million a month earlier.
Hiring rates fell at large businesses with more than one thousand employees, the government said. This suggests that businesses are preparing for an economic downturn by pulling back from bringing on new employees. Job postings from manufacturers declined from 816,000 in May to 790,000. Hires moved up to 475,000 from 468,000. Durable goods manufacturing openings climbed from 505,000 to 510,000 but hires declined from 249,000 to 242,000. Nondurable good manufacturers were seeking 280,000 workers at the end of June, down from 311,000. Hires picked up to 233,000 from 219,000.
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