U.S. employers’ hiring in June dropped off more than usual, indicating a softer month than expected. Before seasonal adjustments, new hires declined 7.6% and new job openings declined 1.4% in June, according to iCIMS’ Monthly Hiring Indicator (MHI). This is the first month-over-month decline in U.S. employers’ hires and openings since February, led by financial services.
The MHI is a leading economic indicator published by iCIMS, drawing upon its database of more than 75 million applications and 4 million hires each year. New hires translate directly into payroll growth, after netting out departures, layoffs and other separations.
“Over the past four years, our data show that June is typically a slow month, but things were cooler than usual this year. This could be the first sign of the economic slowdown we’ve been anticipating,” said Josh Wright, Chief Economist at iCIMS. “Employers seem to be following a ‘wait and see’ approach, pausing some of their recruiting efforts. They should stay attuned to news on trade policy, expected rate cuts, and business confidence indicators.”
June 2019 U.S. New Hires and Openings Highlights:
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