4.2 million people quit in June despite recession worries

A cooldown in the job market is underway: The number of job openings dropped in June while near-record numbers of people continued to quit and get hired into new roles, according to the Labor Department’s latest Job Openings and Labor Turnover Summary.

The labor market posted 10.7 million new job openings in June, which is down from 11.3 million in May but also much higher than a year ago and a more than 50% increase from before the pandemic. Despite the drop, there are still roughly 1.8 open jobs for every person who is unemployed.

Meanwhile, workers are continuing to leverage the market and make moves: 6.4 million people were hired into new jobs, and 4.2 million voluntarily quit —…