<ul><li>The Bureau of Labor Statistics' Job Openings and Labor Turnover Survey (JOLTS) showed a noticeable decline in job openings over the past year.</li><li>Hiring rate remains stable at 3.4% of total employment, indicating cautious employer sentiment.</li><li>Layoffs and discharges have increased in retail trade, real estate and rental and leasing, and federal government sectors.</li><li>The overall sluggish momentum in the labor market, declining job openings, and modest rise in layoffs suggest employers are cautious about expanding their workforce.</li></ul>

Spending Pullback May Worsen as Job Openings Decline and Layoffs Edge Up

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