The job market's pain-free rebalancing

A remarkably robust U.S. labor market is coming into better balance.

Why it matters: That's the broad takeaway from not one or two, but three reports out Thursday morning that show what's happening beneath the surface of the economy.

Driving the news: The number of vacant job openings fell by 496,000 in May, the Labor Department said, suggesting a cooling of demand for workers. But the same report showed the number of workers voluntarily quitting their jobs rose by 250,000 — a sign that workers still feel empowered.

Meanwhile, the number...