Newly revised data from the U.S. Bureau of Labor Statistics shows that June layoffs and discharges were revised up by 19,000 to 1.8 million, while June hires were revised down by 16,000 to 5.3 million. The updated Job Openings and Labor Turnover Survey (JOLTS) figures indicate shifting momentum in the U.S. employment landscape.
Major Downward Adjustments to Vacancies
In addition to changes in hiring and layoffs, June job openings fell by 177,000 to 7.2 million. Highlighting the significance of the revision, financial commentary outlet The Kobeissi Letter reported, “US job openings for June were revised down by -177,000 vacancies, their largest monthly downward revision since November 2025.”
The report also revealed that June quits were revised lower by 19,000 to 3.2 million. Commentary on the data underscored that “this also marks the 3rd consecutive monthly downward revision,” signaling a continuous trend of initial overestimation in official labor market readings.
However, Jeffrey Roach, Chief Economist for LPL Financial, told Benzinga that despite the imbalances, “Q3 economic growth will likely be 2.0% and the unemployment rate will stay close to 4.2%. Inflation pressures are not abating, which explains why probabilities of a September interest rate hike are rising.”
Pattern of Revisions and Data Reliability
The pattern of retroactive cuts highlights persistent adjustments in government employment reporting. According to analysis by Kobeissi citing ZeroHedge data, “as a result, job openings have now been revised down in 38 of the last 43 months.”
The BLS noted that monthly revisions result from additional reports received from businesses and government agencies, along with seasonal factor recalculations. Consequently, Kobeissi observed that “US labor market data is becoming increasingly difficult to read with confidence.”
Preliminary July Figures Show Stagnation
Concurrently, the Bureau of Labor Statistics released preliminary July 2026 data showing job openings were little changed at 7.3 million. Hires and total separations both held steady at 5.1 million.
Within industry sectors, hires decreased in professional and business services by 188,000, while job openings increased in durable goods manufacturing by 76,000. Within total separations, quits registered at 3.1 million, and layoffs stood at 1.7 million.
How Have Stock Markets Performed in 2026?
The S&P 500 index has advanced 12.54% year-to-date. Similarly, the Nasdaq Composite index was up 14.08%, and the Dow Jones gained 10.40% YTD.
On Friday, the SPDR S&P 500 ETF Trust (NYSE:SPY) and Invesco QQQ Trust ETF (NASDAQ:QQQ), which track the S&P 500 and Nasdaq-100, respectively, closed mixed. The SPY was down 0.39% to $770.19, while the QQQ advanced by 0.18% to $718.96. Meanwhile, the Dow tracker, State Street SPDR Dow Jones Industrial Average ETF Trust (NYSE:DIA), also ended 0.53% lower at $534.08.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image via Shutterstock/ Shutterstock AI
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