US Job Openings Remain Elevated Despite Two-Year Low

US job openings fell to the lowest level in over two years in June, but remained at levels consistent with a tight labor market. The Job Openings and Labor Turnover Survey (JOLTS) report also showed a decline in layoffs and discharges for the third consecutive month. Despite the resilience of the labor market, workers are showing less interest in seeking new opportunities. Manufacturing activity appeared to stabilize at weaker levels in July, according to the Institute for Supply Management (ISM) report. Higher borrowing costs are impacting manufacturing, but factory production rebounded in the second quarter.