Key facts
- U.S. job openings rose to 7.594 million in May.
- Hiring decreased by 45,000 to 5.170 million in May.
- Layoffs and discharges increased to 1.708 million in May.
- The job openings rate remained unchanged at 4.6%.
U.S. job openings saw a slight increase in May, reaching 7.594 million, while hiring remained subdued, falling by 45,000 to 5.170 million. This data suggests the labor market is in a holding pattern despite recent strong job growth.
The Bureau of Labor Statistics reported that the number of unfilled positions edged up from a revised 7.585 million in April. The job openings rate held steady at 4.6%, while the hiring rate remained at 3.3%. Layoffs and discharges, however, increased by 41,000 to 1.708 million, with the rate edging up to 1.1%.
Economists had anticipated around 7.30 million vacancies for May. The report comes ahead of the closely watched June employment report, which is projected to show a gain of 110,000 jobs. Financial markets are anticipating potential interest rate hikes by the Federal Reserve later this year to combat inflation.