(Bloomberg) -- U.S. job openings unexpectedly cooled in May for a second month, signaling a pause in demand for workers ahead of a surge in June payrolls growth that indicates a still-robust American labor market.
The number of positions waiting to be filled were little changed in May at 7.32 million after a revised 7.37 million a month earlier, according to the Labor Department’s Job Openings and Labor Turnover Survey, or JOLTS, released Tuesday. The quits rate held at 2.3% for an 11th straight month in May, matching the highest since 2005 and suggesting workers are confident about their ability to find a job.
Key Insights
- Total vacancies exceeded the number of unemployed Americans by 1.44 million.
- Labor Department figures released last week show U.S. employers added 224,000 jobs in June, rebounding from May’s disappointing 72,000 gain.
- While May job openings cooled, the positive June hiring report shows the economy may not be slowing as much as previous data suggest and reduces pressure for a Federal Reserve rate cut at the July meeting.
- The number of people quitting was little changed at 3.4 million, with quits in the private sector falling 117,000 and those in government rising 25,000.
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- Hiring dropped to 5.73 million while separations also declined, to 5.5 million.
- The number of total hires eased reflecting fewer additions in professional and business services, health care and leisure and hospitality.
- Openings declined in all regions but the Northeast
- Although it lags a month behind other Labor Department data, the JOLTS report adds context to monthly employment figures by measuring dynamics such as resignations, help-wanted ads and hiring