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By Kristin Myers, Editor-in-Chief

What's Happening Today

Power might be starting to shift away from the hands of workers like you and me as the amount of available job openings decreased 6.6%, to 10.7 million in June. The data is one of the first of several reports on jobs from the Bureau of Labor Statistics this week, which will give us a sense of the strength of the labor market.

If you work in retail, you might have noticed the impact, as retail had the biggest decreases in job openings. With inflation soaring to near 41-year highs, the retail sector has experienced volatility as big stores raise alarms that consumers are spending less on extras and more on necessities like groceries. But despite some signs of weakening, you shouldn't be too concerned just yet. The jobs market is still pretty strong—there are 10.7 million jobs to go around.

You might not typically watch jobs reports this much, but in many ways, the strength of the labor market can serve as a proxy for the strength of the U.S. economy, and the reports this week could have key implications for the Federal Reserve's next policy moves.

The stronger the jobs market, the more likely that policymakers at the Federal Reserve will believe they can raise interest rates in order to fight inflation. While those higher interest rates could eventually bring inflation down, they will also make debt more expensive, which would have a cooling effect on the economy and increase the likelihood that we might tip into a recession.

Already, there are some signs that cooling is happening—at least in the housing market. According to home price insights from CoreLogic, housing prices rose 0.6% in June from May, and were up 18.3% from a year ago. However, CoreLogic only expects home prices to increase 4.3% between June 2022 and 2023. So while home prices are still going up, the pace is expected to slow over the next year, which might be welcome news if you've wanted to buy a home but can't afford one because of higher prices and mortgage rates.

- Kristin

Editors' Picks

Mall Owners Say Retailers Are Still Opening Stores in Spite of Recession Fears (CNBC)

What Is the Homeownership Gender Gap? (The Balance)

Banks Spend Big to Boost Credit-Card Sign-Ups, Defying Recession Fears (The Wall Street Journal)

Clothing, Drugs and Electronics Are All in Scope of Democrats' 15% Minimum Tax (Bloomberg)

How a Strong vs. Weak Dollar Affects U.S. Jobs (The Balance)

How To Decide What To Do With Your 401(k) After You Change Jobs (The Balance)

How To Set Up a Living Trust (The Balance)

Term of the Day

Bureau of Labor Statistics (BLS)

The Bureau of Labor Statistics (BLS) is the premier research arm of the Department of Labor. It collects, analyzes, and reports on a range of employment, unemployment, and price statistics. These reports are critical aids to taking the pulse of the U.S. economy.

In addition to national data, the BLS Unemployment Report also breaks down unemployment by state and local regions, as well as comparing the U.S. to ten other countries.

Monthly employment and unemployment figures since 1948 are available on the BLS website. The BLS also has archive information, available upon request, for annual employment figures dating back to 1929.

Off the Charts

If you're out looking for a job right now, you may notice it getting harder—the number of openings fell in June to its lowest level since September according to the BLS, in a sign of cracks appearing in what has been a roaring labor market.