U.S. Job Openings in May Unexpectedly Surge to Six-Month High

7.769 Million Job Openings in May
Up 374,000 from Previous Month

The number of job openings in the United States last month far exceeded market expectations, reaching the highest level in six months. Despite concerns about a slowdown in hiring due to tariff policies, analysts note that the labor market remains robust.

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On July 1 (local time), the U.S. Department of Labor released the Job Openings and Labor Turnover Survey (JOLTs), which showed that the number of job openings in May 2025 stood at 7.769 million, an increase of 374,000 from the previous month (7.395 million). This is the largest figure since November of last year and significantly surpasses the market forecast of 7.32 million.

By industry, job openings increased in accommodation and food services (314,000), leisure and hospitality (279,000), and finance and insurance (91,000). In contrast, job openings decreased in the federal government (down 39,000) and retail trade (down 71,000), among others.

Hires remained at 5.5 million, and the hiring rate held steady at 3.4%, maintaining the same level as in April.

Quits recorded 5.2 million, similar to the previous month, and the quit rate remained at 3.3% for the fifth consecutive month. Of these, voluntary quits were 3.3 million, with a voluntary quit rate of 2.1%, both unchanged from the previous month. Involuntary separations, meaning layoffs, and the layoff rate also showed little change, at 1.6 million and 1%, respectively.

Concerns about a slowdown in the labor market have arisen as consumer spending slows and companies postpone investment plans due to President Donald Trump's aggressive tariff policies. In particular, with the 90-day country-specific mutual tariff suspension set to expire on July 8, Wall Street is closely watching the impact of tariff policies on employment and inflation.

A more accurate picture of the labor market is expected in the June employment report to be released by the U.S. Department of Labor on July 3. Nonfarm payrolls are expected to have increased by 120,000 last month, down from 139,000 in May. The unemployment rate is estimated to rise by 0.1 percentage point from the previous month to 4.3%.