US Job Openings in May Reach 8.14 Million, Exceeding Market Expectations

22,1000 More Cases Compared to the Previous Month

The number of job openings in the U.S. in May exceeded market expectations.

According to the May Job Openings and Labor Turnover Survey (JOLTs) released by the U.S. Department of Labor on the 2nd (local time), the number of job openings in May recorded 8.14 million. This not only surpassed the market forecast (7.96 million) but also increased by 221,000 compared to the previous month (7.919 million).

By industry, the number of job openings decreased in Accommodation and Food Services (down 147,000) and Private Educational Services (down 34,000). On the other hand, job openings increased in Education (up 117,000), Durable Goods Manufacturing (up 97,000), and the Federal Government (up 37,000).

Hiring was 5.8 million, and the hiring rate remained almost unchanged at 3.6%.

Separations totaled 5.4 million, with the separation rate also remaining steady at 3.4%. Among these, voluntary separations were 3.5 million, with a voluntary separation rate of 2.2%. Involuntary separations, meaning layoffs, were 1.7 million, with a layoff rate of 1.0%.

A more accurate picture of the U.S. labor market is expected to be revealed in the June employment report to be released by the U.S. Department of Labor on the 5th. Experts anticipate that nonfarm payrolls increased by 189,000 last month, significantly slowing from the previous month (272,000). The unemployment rate is expected to remain steady at 4%.