Job Openings Dipped in May, a Sign of Continued Cooling
The News
Job openings fell in May while the number of workers quitting their jobs increased, the Labor Department reported Thursday.
There were 9.8 million job openings in May, down from 10.3 million in April, according to the Job Openings and Labor Turnover Survey, known as JOLTS. The report shows that the labor market is maintaining ample opportunities for workers, but it is losing momentum.
The quits rate, which is often used to gauge a worker’s confidence in the job market, increased in May, particularly in the health care, social assistance and construction industries. A rise in quitting often signals workers’ confidence that they will be able to find other work, often better paying. But fewer workers are quitting their jobs than were doing so last year at the height of what was called the “great resignation.”
Layoffs were relatively steady after decreasing in previous months, a sign that employers are hesitant to let go of workers.
Source: The New York Times
