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- U.S. job openings unexpectedly fall in May
U.S. job openings unexpectedly fall in May
The Job
Openings and Labor Turnover Survey (JOLTS) published by the Labor Department on
Tuesday showed a slight decrease (-0.7 percent m-o-m) in the U.S. job openings
in May.
According to
the report, employers posted 7.323 million job openings in May, compared to the
April’s figure of 7.372 million (revised from 7.449 million in the original
estimate) and economists’ expectations of 7.470 million. The job openings rate
was 4.6 percent in May, down from 4.7 percent in the prior month. The report
showed that the number of job openings was little changed for total private and
dropped for government (-54,000 jobs). The job openings level rose in other
services (+77,000). Job openings declined in a number of industries with the
largest decreases in construction (-65,000), transportation, warehousing, and
utilities (-60,000), and real estate and rental and leasing (-49,000).
Meanwhile, the
number of hires fell to 5.725 million in May from 5.991 in April. The hiring
rate was 3.8 percent, down from 4.0 percent in April. The hires level reduced
for total private (-262,000) and was little changed for government. Hires declined
in professional and business services (-129,000).
The separation
rate in May was at 5.495 million or 3.6 percent, compared to 5.687 million or
3.8 percent in April. Within separations, the quits rate was 2.3 percent (flat
m-o-m), and the layoffs rate was 1.2 percent (flat m-o-m).
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