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By Kristin Myers, Editor-in-Chief

What's Happening Today

Hiring remained strong in the month of May as the number of job openings decreased to 11.3 million, according to the latest Job Openings and Labor Turnover (JOLTS) data out this morning. That's over half a million fewer job openings compared to the record high of 11.9 million in March. It's a step in the right direction, even though there are nearly twice as many unfilled positions as unemployed job seekers. The data comes in advance of the government's highly-anticipated June jobs report, which will be released on Friday and will offer further information on the state of the American labor market.

The strength of the job market serves as an important metric to the Federal Reserve, which is trying to fight inflation by raising interest rates. Higher rates could slow economic growth, impact the labor market, and increase the risk of pushing the economy into a recession, a situation everyone would prefer to avoid.

For more insights on what to expect from the central bank, you can look at the transcript from the Fed's June policy meeting which will be released later today at 2 p.m. ET when the Fed hiked interest rates by 75 basis points, the largest hike since 1994. Depending on what the discussions inside the Fed indicate, it could raise expectations for rate hikes in the future.

And if unemployment remains low and jobs growth remains robust, it will be even more likely that the central bank will feel confident that the economy is strong enough to weather more aggressive rate hikes.

- Kristin

Editors' Picks

How Bad Will the Next Recession Be? (The Balance)

Biden Administration Proposes Easing Student Loan Forgiveness Process for Defrauded Students (The Wall Street Journal)

Federal Watchdog Targeting Some Debt-Collection Fees (The Balance)

Wall Street Says a Recession Is Coming. Consumers Say It's Already Here (Bloomberg)

4 Reasons Why You Should Consider Opening a CD (The Balance)

How To Find the Best High-Yield Savings Account (The Balance)

Alternative Ways To Get Equity Out of Your Home (The Balance)

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Number of the Day

16 - That's how many consecutive months home prices have been at least 10% higher than they were a year earlier, but analysts say the red hot housing market may soon cool off.