Job openings inch up in June to third-highest level on record

Quits rate stays at 2.3% for fourth month in a row

By STEVE GOLDSTEIN
D.C. BUREAU CHIEF
 
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Veterans attend the first Los Angeles International Airport Job Fair for Veterans.

The numbers: There were 6.66 million job openings at the end of June, the Labor Department said Tuesday, up fractionally from May’s levels and the third highest in history. The series dates back to 2000.

Job openings

In thousands

The quits rate, seen as a proxy for employee willingness to search for a better-paying position, stayed at 2.3% for the fourth month in a row.

What happened: Openings increased in educational services but decreased in transportation, warehousing, and utilities.

The big picture: The U.S. jobs market is one of the healthiest it’s been in years, as seen by high job openings and a 3.9% unemployment rate.

Still, the lack of aggressive wage growth and in fact the steady stream of jobs growth still suggests there’s more slack than is typical at this stage of the cycle.

Market reaction: Already strong on the day, U.S. stocks DJIA, +0.50%  extended gains after the report. The yield on the benchmark 10-year Treasury TMUBMUSD10Y, +0.09%   rose to 2.96%.