Fewer quits. But a few more layoffs.
Welcome to the Know the Difference Minute for Wednesday, July 6th.
Many are watching for signs the labor market is cooling. According to a new Labor Department report, maybe—but maybe not. 
Open jobs in May numbered 11.3 million—down from 11.7 million—that’s the 2nd straight month of declines. There are still roughly 2 jobs for every unemployed American. 
On the Quits side, that’s down to 4.3 million. It’s important to note many of those quits means someone has taken a different job, often for better pay or conditions. 
Layoffs increased in May, possibly an early sign the labor market could be responding to slowing economic growth. High profile companies like Tesla, Robinhood, Netflix, and Redfin announced layoffs, but each are in industries impacted by rapidly changing conditions. Layoffs are still below pre-Covid levels
The June jobs reports arrives Friday. The estimate is for 250,000 created jobs and an unemployment rate steady at 3.6%.
For Dave Spano, I’m Danny Clayton from Annex Wealth Management.  That is your Know the Difference Minute.