Job openings, layoffs declined in June in a positive sign for the labor market

Job vacancies and layoffs edged lower in June, according to a report Tuesday that points to a stable labor market.

Employment openings totaled 9.58 million for the month, edging lower from the downwardly revised 9.62 million in May, the Labor Department said in its monthly Job Openings and Labor Turnover Survey. That was the lowest level of openings since April 2021 and below the 9.7 million estimate from FactSet.

Along with that, the JOLTS report said layoffs nudged down to 1.53 million, after totaling 1.55 million in May.

Economists were watching the two data points closely for clues about the direction of a labor market that has proven surprisingly resilient despite a series of Federal Reserve interest rate hikes aimed at slowing the economy and inflation.