Less Helped Wanted

There are still 1.8 open jobs per available worker. However, June's job openings dropped 605,000 to about 10.7 million, the fewest since September 2021. It was the sharpest decline since April 2020, when the economy was in the lockdown recession.

Leading the decline in help wanted are leisure & hospitality, retail trade, and construction. This suggests that tomorrow's ISM nonmanufacturing survey of purchasing managers for July will be weak. This survey includes construction, by the way.