Richmond Fed, Report: Bend It Like Beverage

“Our preliminary findings suggest that, across industries, the decline in job openings may be more related to hiring challenges rather than quit rates. Industries that have had to fight harder to hire workers may see more resilience in labor demand and a slower decline in job openings as the labor market cools. But industries experiencing elevated quit rates may not feel much pressure to open new vacancies to hire replacement staff. As the BC bends back from its initial outward shift, these forces will affect the mix of industries that are hiring and thus the landscape of labor demand.”