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Hiring fell in every industry except arts, entertainment and recreation, which includes music clubs and tourist attractions. Layoffs dropped by 215,000 to 1.5 million in June. The reduced layoffs helped "compensate for the lackluster and uneven pace of new hiring," Terry Sheehan, an economic analyst with Stone & McCarthy, wrote in a research note. In a weak job market, few workers are willing to quit their jobs. The number of those quitting in June fell 73,000 from May to fewer than 2.2 million. When the economy is strong, 2.5 million to 3 million workers quit their jobs every month. Federal Reserve Chairman Ben Bernanke and Vice Chair Janet Yellen have both said that they monitor the job openings report for signs that the job market is improving in a sustainable way. If the Fed sees improvement in the economy, it is likely to scale back its $85 billion a month in bond purchases. The bond buying is meant to keep long-term interest rates low and encourage borrowing and spending.
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