The Job
Openings and Labor Turnover Survey (JOLTS) published by the Labor Department on
Tuesday revealed an 8.0 percent m-o-m surge in the U.S. job openings in May after
a revised 16.9 percent m-o-m decline in April (originally a 16.1 percent m-o-m
decrease).
According to
the report, employers posted 5.397 million job openings in May compared to the April
figure of 4.996 million (revised from 5.046 million in the original estimate) and
economists’ expectations of 4.850 million. The job openings rate was 3.9
percent in May, down from an unrevised 3.7 percent in the prior month. The
report showed that job openings rose in accommodation and food services (+196,000
jobs), retail trade (+147,000), and construction (+118,000), but decreased in
information (-55,000), federal government (-37,000), and educational services
(-27,000).
Meanwhile, the
number of hires jumped by 60.3 percent m-o-m to 6.487 million in May from a
revised 4.047 million in April. This was the largest monthly increase of hires
since the series began. The hiring rate increased to 4.9 percent in May from a revised
3.1 percent in April. The hires level increased for total private (+2,432,000)
and was little changed for government. Within industries, hires rose in a number
of industries, with the greatest rise in accommodation and food services
(+763,000), followed by health care and social assistance (+479,000), and
construction (+427,000).
The separation rate
in May was 4.145 million or 3.1 percent, compared to 9.975 million or 7.6
percent in April. Within separations, the quits rate was 1.6 percent (+0.2 pp
m-o-m), and the layoffs rate was 1.4 percent (-4.5 pp m-o-m).
The
improvements in the labor market reflected a limited resumption of economic
activity that had been curtailed in March and April due to the coronavirus
(COVID-19) pandemic and efforts to contain it, the report noted.
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