Job openings totaled 7.8 million in May, up from 7.4 million in April, according to the latest report from the Bureau of Labor Statistics.
Accommodation and food services (+314,000) and finance and insurance (+91,000) posted increases in job openings over the month, while there was a decrease in federal government (-39,000).
Other updates on labor turnover included:
- The number of hires remained relatively stable at 5.5 million in May, with the hiring rate at 3.4%. Federal government had the largest decline in hires over the month (-11,000).
- Quits increased slightly to 3.3 million in May, with the quits rate holding steady at 2.1%. Quits were little changed across all industries during the month.
- Layoffs and discharges held steady at 1.6 million over the month, with a decrease in finance and insurance (-47,000).
The job openings rate increased to 4.6% in May from 4.4% in April, while the total separations rate remained unchanged at 3.3% for the fifth consecutive month. The data suggests continued stability in the labor market, with modest growth in job opportunities, particularly in the hospitality and financial sectors.
